Vidullanka PLC (COSE:VLL-N-0000) agreed to acquire Timex Bukinda Hydro (U) Ltd. from Timex (Garments) Ltd. on February 27, 2017. Under the terms of the acquisition, the transaction will be partly funded though issue of new shares by way of a private placement in the amount of LKR 50 million. Vidullanka has obtained all approvals except for signing of the standard power purchasing agreement for the development of the plant. The transaction is subject to securing any other regulatory approvals necessary to legally transfer the shares to Vidullanka. As of April 17, 2017, the deal has been delayed due to delay in obtaining approvals from Electricity Regulatory Authority of Uganda and Exchange Control Department of the Central Bank of Sri Lanka. As of June 30, 2017, the transaction has been further delayed due to the delay in receipt of approvals from the required regulatory authorities. As of September 30, 2017, the transaction has been further delayed due to the delay in receipt of approvals from the Electricity Regulatory Authority (ERA) of Uganda and Exchange Control Department (ECD) of the Central Bank of Sri Lanka.