Shareholder nod for Shaw Wallace land sale

4 September 2012 08:29 am - 4 - {{hitsCtrl.values.hits}}

A A A

The Shareholders of Shaw Wallace PLC have given their consent for the sale of 'Colpetty Mills' extending 264.65 perches for Rs.1.85 billion in an Extraordinary General Meeting (EGM) held on September 3, 2012.

The firm in a stock exchange filing said the execution of the sale agreement entered with the Avic International Hotels Lanka Limited was ratified and that any two directors of SHAW or one director and the Company Secretary can execute the transaction at an appropriate time.

Avic International Hotels Lanka Limited is a locally incorporated unit of Chinese state-owned aviation company CATIC (China National Aero Technology Import and Export Corporation).

It was earlier reported that Indian High Commission in Sri Lanka was eying this prime land and was ready to pay Rs.7 million a perch, to build a cultural centre.

The Sri Lankan High Commissioner, Prasad Kariyawasam had also been summoned and India’s displeasure over the deal had been made known to him, the Indian media reports stated.

SHAW expects to utilise the proceeding originating from the transaction for debt servicing and the development of its property development project 'Mayfair City' Stage I in the remaining section of the land in Colpetty.

The firm also said it expected to secure on a 99-year lease from the Urban Development Authority, a 52.9 perch land in front of the Colpetty property on the Galle Road side, which according to the company, would enable them to amalgamate both lands and go in for a meaningful development.

Comments - 4

abc Tuesday, 04 September 2012 03:22 PM

What exactly is sad about it?? Companies shouldnt develop land they own, is that what you're saying??

Sameera E Tuesday, 04 September 2012 07:52 PM

My comment is to show my emotions only, one doesn’t get it if not sensitive at all.

Spartacus Tuesday, 04 September 2012 09:10 AM

This news would have caused an uproar from our patriots. Sadly it is the patriots who are behind these sales of land.

Sameera E Tuesday, 04 September 2012 09:55 AM

Valuable property, I used to work (@ this premises) for this company. SAD News!.

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Shareholder nod for Shaw Wallace land sale

Comments - 4

Add comment

RECOMMENDED

Focus on Laggala Gem mining big shots bigger than the law

How and why the TNA was formed twenty years ago

India lays emphasis on culture diplomacy with Sri Lanka

Bittersweet memories of a ‘City that never slept’

Revisiting the Attack on Thirukumar Nadesan in India

Spotlight on Attorney General’s Department and Public Service Commission

How a 19-year-old TikToker is helping bring back the Woolly Mammoth!

Most Viewed in News

Crisis hits SLIIT Campus

Those who used it to capture power won’t stay long: Cardinal

Sri Lankan mother kills her two daughters in Italy

Sri Lanka denies allegations over participation at Dubai EXPO

Mahela to leave SL team after today’s game

Ven. Gnanasara Thera to head Presidential Task Force for ’’One Country, One Law’’ concept

TODAY'S HEADLINES

Outrage over post given to controversial monk

SL maintains balance between environment and human needs

Discussions in making vaccine cards mandatory underway: Health Ministry

SJB will not allow anyone to make SL a playing field in geopolitics

MIRROR CRICKET

England take early T20I series lead over Sri Lanka

New Zealand clinch World Test title

LPL 2nd edition from July 30-August 22-SLC

Sanath Jayasuriya signs as coach at Melbourne cricket club Mulgrave

Clinical England thrash Bangladesh in T20 World Cup

SLC stance unchanged on cricketers taking a knee

Dialog in staggering deal to sponsor AR7’s

Ben Gollings to coach SL at Asian Sevens Series