JKH completes $ 50 m worth first phase of $ 80 m private placement with ADB

Friday, 21 January 2022 00:09 - - {{hitsCtrl.values.hits}}

JKH Chairman Krishan Balendra

John Keells Holdings PLC (JKH) announced yesterday the completion of the first phase of the $ 80 million private placement with the Asian Development Bank (ADB).

The first phase amounts to the rupee equivalent of $ 50 million following the allotment of 65.04 million shares at Rs. 154.50 each on 19 January. The Initial Placement Shares results in a post-issue dilution of 4.70% in Phase 1 of the transaction.

JKH said additionally, in terms of Phase 2, it issued 39 million non-tradable/non-transferable options (Options), which will entitle ADB to subscribe for additional new ordinary shares of the JKH (Option Shares), for an investment amount of up to a maximum of the Rupees equivalent of $ 30 million.

“Therefore, the maximum number of ordinary shares that would potentially be issued under the entire transaction, assuming all Option Shares are subscribed for, will be 104,067,210, thereby capping the post-issue dilution on the conclusion of both phases to a maximum of 7.31%,” JKH said.

The private placement with ADB was first announced in November last year.

Based on the subscription date of the Initial Placement Shares, the Option Exercise period will be from 19 October 2022 to 18 January 2023.

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