19 April 2017 08:41 pm
Lee Hedges PLC (SHAW) recently acquired the full control of Lee Hedges Investments Limited (LHI), which has been carrying out real estate development on behalf of SHAW.
SHAW bought 51,000 shares in LHI from Pioneer Homes (Pvt.) Limited at a consideration of Rs.10 per share.
During an extraordinary general meeting (EGM) held this January, the SHAW shareholders passed a resolution for the transfer of LHI shares, in order to legalize the Rs.729 million in loans SHAW had provided to LHI.
SHAW has continuously addressed LHI as a subsidiary despite owning only 49 percent of LHI shares.
SHAW is expected to finance the entirety of LHI’s Rs.1.5 billion mixed development project off Galle Road, while the SHAW shareholders in the same EGM passed a resolution to construct a Rs.2.8 billion apartment building neighbouring the
current project.