Janashakthi group property subsidiary acquires construction firm for Rs.90mn

Janashakthi group subsidiary Kelsey Developments PLC has acquired a controlling stake in a construction company for Rs.90 million this week.

 A filing by the Kelsey Developments to the Colombo Stock Exchange said that it had purchased 75.1 percent of the shares of Pre-Fab Engineering Projects (Private) Limited, a construction company with a net worth of Rs.85 million.

 Kesley Developments is planning to develop two sites in Mount Lavinia and Biyagama with 107 residential units, and the two projects are estimated to value between Rs.1.5-1.8 billion.
 Kesley Developments is currently constructing 98 residential units split across two projects in Mount Lavinia and Negombo.

 The company is involved in the designing, constructing and the sale of residential living spaces.