📈 Agarapatana Plantations Seeks Approval to Redirect Rs. 643 M Unutilised IPO Proceeds

Agarapatana Plantations PLC is seeking shareholder approval at an EGM to redeploy Rs. 643.2 M in unutilised IPO funds toward mechanisation and renewable energy to counter severe industry labour shortages and migration, while extending the timeline to 30 Sept 2028. • IPO Fund Utilization Status: - Total IPO Allocation: Rs. 747.6 M - Debt Settlement: Rs. 75 M (100% fully utilised) - Factory Modernisation: Only Rs. 29.4 M used out of Rs. 672.6 M allocated (leaving Rs. 643.2 M unutilised) • Revised Allocation Plan (Rs. 649.7 M total): - Driers & Heaters: Down to Rs. 297.7 M (from Rs. 399.6 M) - Rollers, Automation & Conveyorisation: Increased to Rs. 145 M (from Rs. 66 M) - Renewable Energy: New allocation of Rs. 88 M - Colour Sorters: Increased to Rs. 65 M (from Rs. 27 M) - Batch Weighers: Scaled down to Rs. 34 M (from Rs. 36 M) - Scrapped Items: De-stoners, energy saving fans, and variable speed drives (Rs. 88 M total) removed - Shortfall of Rs. 6.5 M to be funded via internal cash flows • Sector & Stock Impact: - Strategy focuses on boosting efficiency in orthodox leafy teas production amid labor migration in the plantation sector. - Shares closed down 60 cents at Rs. 14.10. Top owners remain Lankem Developments (57.65%) and Senthilverl Holdings (22.68%).