John Keells Holdings PLC (JKH) plans to raise USD 80 million via a private placement to the Asian Development Bank through an issuance of up to a maximum of 122,500,000 new ordinary shares of the Company in two phases to fund its supermarket business with a maximum post-issue dilution of 8.5 percent. The Proposed Private Placement would be for an upfront issue of ordinary shares (Initial Placement Shares) for an initial issue size of Rupee equivalent of USD 50 million (Phase 1).
At the time of issue of the Initial Placement Shares, the Company will also issue to ADB non-tradable/non-transferable options (Options) which will entitle ADB, at its option and discretion, to subscribe for additional new ordinary shares of the Company (Option Shares) within 12 months from the date of subscription for the Initial Placement Shares, for an investment amount of up to the Rupee equivalent of USD 30 million (Phase 2).