Acme announces 1:1 rights issue to raise Rs. 307m

Thursday, 9 October 2014 00:00 - - {{hitsCtrl.values.hits}}

Acme Printing & Packaging PLC which is widely known as Sri Lanka’s foremost flexible packaging manufacturer has announced a 1:1 rights issue at an attractive exercise price of Rs. 12 per share. The Company will raise Rs. 307.3 million via the issuance of 25,613,280 new shares. The extraordinary general meeting for approval of the rights issue will be held on 14 October 2014.

Acme is a trusted and much respected name in the flexible packaging industry. Acme’s flexible packaging solutions and products are being extensively used by some of the premier FMCG (Fast Moving Consumer Goods) companies in Sri Lanka including multinationals such as Unilever, GSK and Fonterra as well as other large indigenous companies such as Ceylon Biscuits Ltd., Maliban and Dilmah. In addition, Acme currently caters to a large clientele in the food, beverage, confectionery, dairy, pharmaceuticals, household care, agro-chemicals and tobacco industries. In order to provide highly customised packaging solutions with the highest quality to their valued customers, Acme’s manufacturing process utilises state of the art Roto Gravure and Flexo Graphic printing technologies for the production and supply of printed flexible packaging material for various forms of laminates with foil, film and paper, and has the distinction of being the only manufacturer of aluminium foil in Sri Lanka. The emerging supermarket culture in Sri Lanka has triggered a growing demand for hygienically and conveniently packed goods in different forms, which offers Acme a significant opportunity for growth and expansion. In order to cater to the growing needs of its customer base, the proceeds from the rights issue will be utilised to modernise equipment at the factory and to restructure the company while strengthening the working capital base of the company. As a first step, the company recently installed a state-of-the-art laminator to further improve its product performance/quality at its new plant in Pannala. Established in the year 1949, Acme Printing & Packaging PLC is a public quoted company and the leading flexible packaging manufacturer in Sri Lanka, providing quality flexible packaging solutions for a period spanning over 60 years. The company has achieved the ISO certification since year 2000 and are an ISO: 9001-2000 & ISO 22000: 2005 certified company.