JKH officially announces US $ 650 integrated resort project

11 July 2013 03:47 am - 0     - {{hitsCtrl.values.hits}}

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Premier blue chip John Keells Holdings (JKH) yesterday announced the much hyped Glennie Street project to the Colombo Stock Exchange (CSE) officially, of which the company kept mum even in its latest annual report.

The company said in its disclosure to the CSE that it had proposed to the Sri Lankan government an integrated resort project valued in excess US $ 650 million and it will enter into an agreement with the Board of Investment (BoI) in this regard.

“JKH announces that it has proposed to the Government of Sri Lanka a project valued in excess of US $ 650 million, involving the developing, owning, managing, operating, selling, leasing and renting a luxury multi/mixed use integrated resort (the “Project”) in the land owned and occupied by its subsidiaries Ceylon Cold Stores PLC, John Keells PLC (JKL), John Keells Properties (Private) Limited and Waterfront Properties (Private) Limited (WPL) in Colombo 2.”

The company said that its directors have approved the project in principle, subject to shareholder approval.

It also said that the BoI approvals pertaining to the project as a “Strategic Development Project” are at an advanced level. Investment Promotion Minister Lakshman Yapa Abeywardena is scheduled to hold a media conference today to announce the project.
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