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Dhammika Perera acquires majority stake in East West Properties for over Rs 3.2bn
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Dhammika Perera |
Business leader Dhammika Perera has acquired a controlling stake in East West Properties PLC, purchasing approximately 77.40 percent of the company’s shares in a significant transaction valued at over Rs.3.2 billion.
The acquisition, which took place yesterday (July 8, 2025), marks a major shift in the ownership of the real estate and media entity, previously controlled by the Wijesuriya family. Business tycoon turned philanthropist Nahil Wijesuriya founded the East West Group of Companies in 1977.
According to a disclosure filed with the Colombo Stock Exchange (CSE) by Bartleet Religare Securities (Pvt) Ltd, Perera purchased 106,991,848 shares of East West Properties PLC at a price of Rs.30.20 per share. Prior to this transaction, Perera held no shares in the company.
As of 31 March 2025, the largest shareholders of East West Properties were Agnes Wijesuriya Childrens’ and Elders’ Homes (36.17 percent). While Nahil Wijesuriya, Chairman East West Properties held 0.82 percent shares of the entity, his children Anika Wijesuriya (second largest shareholder) and Vijitha Wijesuriya (third largest shareholder) held 21.55 percent and 18.86 percent of the shares.
Established in 1981 and listed on the Colombo Stock Exchange, East West Properties PLC’s core business involves real estate development and management. The company’s primary assets include a warehousing complex in Peliyagoda and office rental spaces in Colombo 03.
Recently, the company’s board reversed a decision to delist its shares from the Colombo Stock Exchange. After announcing the intention to delist in July 2024, the board passed a resolution in August 2024 to not proceed with the delisting.
According to its latest interim financial report for the year ended 31 March 2025, East West Properties PLC reported mixed financial results.
For the full year ended 31 March 2025, the Group reported a revenue of Rs.157.25 million, marking a 15.52 percent increase from the previous year. However, the Profit for the year decreased by 22.89 percent to Rs.71.92 million, down from Rs.93.27 million in the prior year. Profit Attributable to Equity Holders also saw a decline of 26.95 percent year-over-year, reaching Rs.58.84 million. Consequently, Earnings Per Share (EPS) dropped to Rs.0.43 from Rs.0.58 in the previous year.
As of 31 March 2025, the financial position shows total assets at Rs.2.87 billion, total equity at Rs.2.81 billion, and Net Assets Value Per Share at Rs.19.71.
East West Properties’ share price closed yesterday at Rs. 31.80 per share, marking an increase of Rs. 5.80 per share, or 22.31 percent.
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