Colombo Fort Land & Building PLC divests 49.27% York Arcade holding to Lankem Ceylon

Colombo Fort Land & Building PLC announced it sold its 49.27 percent equity stake in York Arcade Holdings PLC to Lankem Ceylon PLC, a fellow subsidiary within the group, as part of an internal strategic restructuring.
The transaction, carried out yesterday (November 24) through the Colombo Stock Exchange, involved the disposal of 369,495 ordinary voting shares at Rs.921.75 each. 
The divestment supports the company’s efforts to optimise the underutilised assets and is expected to strengthen the group’s financial position.