Country’s leading Salt manufacturing and trading group Raigam Marketing owned listed company Raigam Wayamba Salterns PLC (RWSL) during the week announced to Colombo Stock Exchange (CSE) that the company aims to issue voting rights for existing shareholders in order to raise over Rs. 536.19 million.
In the disclosure to CSE the company said that accordingly the RWSL will issue 1 voting right for every existing voting ordinary share at a price of Rs.1.90 totalling to 282,207,320 that will help the company to raise a total of Rs. 536,193,908. Further the statement noted that Rs. 535 million from the funds raised from the ‘Rights Issue’ will be allotted to finance the acquisition of Raigam Eastern Salterns which is a subsidiary of the ultimate parent of the RWSL – Raigam Marketing (Pvt) Ltd.
Just after the eradication of the terrorism in the island in 2009, The Kingdom of Raigam had taken an investment decision to develop a saltern in Kuchchaveli in the Trincomalee District. Accordingly, the Raigam Eastern Salterns were born with a total of 1,800 acres in extent, which aims to not only to be one of the biggest salterns in the island but also the biggest project in the Eastern Province. Total investment of the project that time was said to be in excess of Rs. 500 million.
Having the only Salt refining plant in Sri Lanka using Krebs Swiss Salex Technology, Raigam Wayamba Salterns (RWSL) is geared to meet table salt needs of the country. Currently, company’s stated capita is over Rs. 604 million represented by 282,207,320 voting ordinary listed shares.