Vision Care to buy Colombo City Holding’s Union Place land for Rs.1bn

Colombo City Holdings PLC, a property management company, yesterday said it entered into a sales agreement to divest part of the land it owns in Union Place, Colombo 2, which is commonly referred to as the Colombo Pharmacy land, for Rs.1 billion, to Vision Care Optical Services (Private) Limited. 

Accordingly, the company would sell 66.81 perches with the building standing thereon, out of the 117.5-perch land and two buildings in Union Place, at a price per perch of approximately Rs.15 million. 

The company’s latest annual report had valued the entire land extent and the two buildings at approximately Rs.1.3 billion. 

Since the transaction constitutes a ‘major transaction’ in terms of the Companies Act, the shareholder approval is required for the deal to take place.

Hence, the company said it would convene an extraordinary general meeting in due course.
Lanka Century Investments PLC is the largest shareholder in Colombo City Holdings with 66.40 percent of the shares, while Capital Trust Holdings (Pvt.) Ltd holds 7.33 percent and J. E. Costa owns 1.51 percent.