The Board of Directors of Singhe Hospitals passed a resolution to allot 33,075,000 ordinary shares of the Company by way of a Private Placement, at Rs.2 per share amounting to a total of Rs.66,150,000, in lieu of repayment of the loan of Rs.50,650,000 .
With interest at AWPLR — 1% thereon of Rs.15,500, 000 calculated upto August 31, 2018. The said shares, when issued shall constitute 7.67% of the issued ordinary shares of the company immediately after such issue and shall rank equal and pari passu with the existing shares.
There will be no additional funds coming into the Company.
The purpose of the Private Placement is to overcome the situation of the serious loss of capital.
The current stated capital of the Company is Rs 848,201,790.
The aforesaid Private Placement is subject to the Colombo Stock Exchange approving in principle the said issue and listing of such shares and the Company obtaining the approval of the shareholders at a General Meeting.
An Extraordinary General Meeting of the Shareholders would be convened in order to obtain the approval of the Shareholders for the Private Placement.
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