Diversified Access Engineering PLC announced that it acquired a 92 percent stake in Horizon Knowledge City Ltd this week for Rs.575 million.
Horizon Knowledge City will be developed with the intention of providing higher education and university infrastructure facilities.
“A land in Malabe has already been secured for the said development. The Board of Investment has confirmed that the project qualifies for a tax holiday of eight years upon approval,” the filing at the stock exchange said.
It said that Access Engineering considers the project a long-term property investment project and will be engaging in the designing and construction aspects as well.
Access Engineering CEO Christopher Joshua recently told Mirror Business that the project would consist of IT, education and housing on an eight-acre land.
The group also owns another eight-acre land in Malabe. Joshua said that both lands were worth Rs.500 million.
The project falls under the group’s expanding land bank.
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