Events

TAL Lanka Hotels PLC to issue 32.2 mn shares through private placement

TAL Lanka Hotels PLC has unveiled plans to convert USD 4.47 million (LKR 1.32 billion) in shareholder loans into equity by issuing 32,228,524 ordinary voting shares through a private placement.

The major shareholders, TAL Hotels and Resorts Limited and IHOCO BV, will receive 26.3 million shares and 5.9 million shares, respectively. Each share will be issued at a price of LKR 41, deemed fair and reasonable by the board.

The private placement aims to strengthen the company’s financial stability while ensuring the new shares rank equally with existing voting shares in terms of dividends, voting rights, and asset distribution.

The issuance is contingent on obtaining necessary approvals from the Colombo Stock Exchange and shareholder agreement at a General Meeting. TAL Lanka Hotels PLC currently has a stated capital of LKR 1.396 billion, with 17.24% public shareholding.