Colombo Stock Exchange-listed real estate company Kerner Haus Global Solutions plans to raise 420.119 million rupees through a rights issue, EconomyNext reported.
The company will offer one new ordinary voting share for every four existing ordinary voting shares. Some 10,502,975 shares will be issued at 40 rupees each, the company said in a stock exchange filing.
The funds will be used to strengthen the balance sheet and liquidity, and to acquire “Strategic Real Estate Assets” as well as properties on a leasehold basis.
The issue is pending approval from the Colombo Stock Exchange and from shareholders. The stock was trading up 10 cents at 42.60 rupees on Tuesday afternoon.
Kerner Haus joins a string of CSE-listed firms seeking fresh capital this cycle. Earlier rights issues this year include Hayleys’ record Rs.46 billion offer in May, Vallibel Finance’s Rs.2.12 billion call and HNB Finance’s Rs.2.4 billion programme — together pointing to active issuance windows in finance and property as broader IPO activity remains thin.
