Laparkan extends bond placement to March 31
Stabroek News
March 19, 2004
Laparkan Holdings Limited (LHL), parent company of the Laparkan Group, has extended their $2.4B private bond placement until the end of this month.
The offering had been set to close last Friday and this was itself an extension from
the original February 21, closing date.
Attempts to reach Chairman Glen Khan were unsuccessful and a secretary told Stabroek News that Managing Director, Avinash Bhagwandin had said the offering was a private placement bond and at this time there was nothing to report.
50% of the bond offering is to refinance an existing debt and the remainder would go to fund the modernisation/expansion of its department store, international arm and its industrial business in GNIC.
The company was hoping to achieve 50% subscription by the close of the issue or it would be required to refund subscriptions. The offer is not underwritten and is only open to `sophisticated purchasers', defined in the SIA as "a person who participates as principal in any trade, the consideration of which is no less than five hundred thousand dollars."