Madulsima Plantations PLC (MADU) announced a rights issue to raise almost Rs. 1.4bn by offering 5 shares for every share held for 9.50/- per share. MADU closed trading at 10.30/- [+0.30] today. Despite having a book value of 53.17/- per share (out of which major portion is timber stocks), the company has been reporting heavy losses even after recording fair value gains of biological assets every quarter.
Stassen Exports (Pvt) Lts holds 35% of the company while Melstacorp 31% and the Secretary to the Treasury 13%.
MADULSIMA PLANTATIONS PLC
Company ID: – MADU
Date of Initial Announcement: – 19.May.2015
Proportion: – Five (05) new ordinary shares for every one (01) existing ordinary share held
Issue Price: – Rs. 9.50 /-
Qty Offered: – 145,000,000
General Meeting / Provisional Allotment: – 03.Aug.2015
Date EX: – 04.Aug.2015
Dispatch of Provisional Letter of Allotment: – 10.Aug.2015
Trading Commences on: – 14.Aug.2015
Renunciation: – 21.Aug.2015
Last Date of Acceptance & Payment: – 24.Aug.2015
Share Transfer Book Open
