Tuesday, 24 March 2015 00:31
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Overseas Realty (Ceylon) PLC yesterday announced that the company aims to raise Rs. 977 million via a Rights Issue.
It will issue 44,393,914 new Ordinary shares at a price of Rs. 22per share in the proportion of 1 : 19.
The purpose of the rights issue is to raise funds to purchase two floors of the World Trade Center Building and the surplus to be used for working capital needs of the Company.
Post announcement, the Company’s stock closed 4% down to Rs. 24.60. It hit an intra-day high of Rs. 26. Net asset value per share is Rs. 30.76 as at 31 December 2014, up from Rs. 28.66 a year earlier.
The Company ended a successful Financial Year 2014 recording its highest Profit after tax of Rs. 3.3 billion surpassing Rs. 2.6 billion in last year.
The Group maintained a worthy growth momentum to achieve a revenue of Rs 6.2Bn, an increase of 28 % through Property Leasing, Trading and Service Segments.
Growth in group profit was driven by high occupancy levels at the iconic World Trade Center (WTC) and sales of luxury apartments at Havelock City. Property Leasing revenue grew by 11% to Rs 1.8 billion over 2013 with occupancy levels being maintained above 98%. Excellent quality facilities and services continued to be provided to the occupants of this building complex.
