Ceylon Tea Brokers invests Rs.233mn to secure land for warehouse in Muthurajawela

Ceylon Tea Brokers PLC (CTBL), a subsidiary of Capital Alliance group, has entered into a share sale agreement with Lanka Commodity Brokers Limited recently to construct a warehousing complex in Muthurajawela.
CTBL will purchase Lanka Commodity Brokers subsidiary Logicare (Pvt) Ltd for Rs. 233 million in order to gain the lease hold rights to a land in Muthurajawela for 39 years, where a state-of-the-art warehousing complex will be built.
CTBL had an asset base of Rs. 1.34 billion as at December 31, 2016, with a net asset value per share of Rs. 1.85. It made a net profit of Rs. 5.02 million for the third quarter of 2017, up from Rs. 3.57 million year-on-year, while earnings per share increased to Rs. 0.04 from Rs. 0.03 year-on-year.
CTBL shares were last trading at Rs. 4 per share.
Capital Alliance holdings Limited owned 81.36 percent of the shares in CLBL, while K. E. H. De Alwis owned 5.37 percent of the shares as at December 31, 2016.