Bank of Ceylon divests Mireka Capital Land

The sale of state-owned investments continued last week, with Overseas Realty Ceylon PLC (ORCL) acquiring the remaining shares of its subsidiary Mireka Capital Land (Pvt) limited from state-run Bank of Ceylon for Rs.3.88 billion.
The transaction has resulted in ORCL owning 100 percent of the shares of Mireka Capital Land. Bank of Ceylon is yet to update its website, which still states that it owns 40 percent of the shares of Mireka Capital Land.
Last month, Prime Minister Ranil Wickremesinghe intervened to reverse a deal where Bank of Ceylon had sold shares of Seylan Bank to a Japanese investor for Rs. 1.3 billion.
ORCL, which owns and operates the World Trade Centres, is controlled by Singaporean investors.

Havelock City project, which envisions having eight residential towers and a tower of mixed-development is located on the land owned by Mireka Capital. Two of the residential towers were launched recently while four are already sold out. The mixed development project broke ground recently.
(CW)