Lankem Developments in new acquisitions

Lankem Developments PLC has decided to acquire a total number of 47,417,276 ordinary shares, which consists 61.88 percent of Agarapatana Plantations Limited (APL) from Lankem Plantation Holdings Limited and Kotagala Plantations PLC.

Making an announcement to the Colombo Stock Exchange (CSE) the company said Lankem Developments PLC is acquiring 41,417,276 ordinary shares of APL from Lankem Plantation Holdings Limited and 6,000,000 APL shares from Kotagala Plantations.

The total investment cost of the acquisition is over Rs 1.18 billion.

The company has decided to issue 103,500,000 shares by a way of a Rights Issue to raise over Rs 2.5 billion for the acquisition.

The remaining funds will be further invested in plantations, leisure industry and hydro power plants.

(CdeS)