Aug 15, Colombo: Luxembourg based GEM Global Yield Fund has remitted its first tranche of a Rs. 1.4 billion investment in Sri Lanka's Nation Lanka Finance (NLF) PLC.
Nation Lanka Finance said in a stock market disclosure today that according to an agreement reached the Luxembourg registered company, GEM Global Yield Fund LLC SCS, with its registered office at 412F, Route d'Esch, L-2086 Luxembourg has remitted to the company via SIA, the first tranche of investment based on the formula agreed upon, amounting to Rs. 8,300,440.
The investment represents 1,211,743 ordinary shares at Rs. 6.85 each.
These shares under the first tranche will be listed with the Colombo Stock Exchange (CSE) subject to the compliance of statutory requirements and upon the NLF submitting the declaration to the CSE.
This is the first tranche of investment made by GEM Global Yield Fund and further tranches of investments up to Rs. 700 million by way of private placements are expected in due course, Nation Lanka Finance PLC says.