Hayleys-MGT to raise Rs. 914 million via a rights issue
Sri Lanka’s Hayleys – MGT Knitting Mills PLC is planning to raise Rs. 914 million via a rights issue to strengthen its balance sheet and to improve facilities in its factory.
Accordingly, the firm has decided to issue 101,562,212 million shares with two new ordinary shares for every one existing ordinary share held by its shareholders.
A share would be priced at Rs. 9 each.
Hayleys-MGT is planning to use the proceeds of the Rights Issue to strengthen the Company’s balance sheet, invest in equipments to manufacture high value fabric, invest on energy saving initiatives and to upgrade the ERP system to augment the firms MIS system.
The Company, a listed firm in the Colombo Stock Exchange is a knitted fabric manufacturer.