Lanka Realty to acquire six companies in real estate sector | Daily News

Lanka Realty to acquire six companies in real estate sector

The Board of Directors of Lanka Realty Investments PLC, has resolved on May 6, 2019, to recommend to the shareholders, the acquisition of all the shares of six private companies in commercial property, affordable housing and tourism and leisure sectors.

The total asset base of the six companies amounts to Rs.7,285,144,690.

The consideration will be paid via the issuance of a total of 149,179,853 Ordinary Voting Shares of Lanka Realty Investments PLC (LBO at a price of Rs.37.52 per Ordinary Voting Share. The total consideration for the transaction is Rs.5,597,228,085.

The above transaction will be in the form of a Share Swap resulting in a Private Placement as per the Listing Rules of the Colombo Stock Exchange.


 

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