Wed, 24 Apr 2024
01:05:23
Luxury Resort:
10 Jul 2013
08:08:33
JKH announces the plans to commence Rs.84.5 billion mixed development project
Jul 10, 2013 (SLBO) - Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) in a filing to Colombo Bourse said that it has proposed to the Government of Sri Lanka a project valued in excess of US $ 650 million or nearly Rs.84.5 billion (US $ = 130 Rupees), involving the developing, owning, managing, operating, selling, leasing and renting a luxury multi/mixed use integrated resort project in the land owned and occupied by its subsidiaries Ceylon Cold Stores PLC (CCS), John Keells PLC (JKL), John Keells Properties (Pvt) Ltd (JKP) and Waterfront Properties (private) Ltd (WPL) in Colombo 02.
The notice further added that John Keells Holdings PLC together with its subsidiaries CCS,JKL and JKP will be majority shareholders in the Project Company WPL.
“The board of Directors has approved the Project, in principle, subject to shareholder approval (including approval as a Major Transaction)” the notice said adding that the Project company will enter in to an agreement with the Board of Investment of Sri Lanka to facilitate the requisite approvals which are at an advanced stage including the approval as a Strategic Development project.
“Upon receipt of requisite approvals to the satisfaction of the Board of Directors, further announcements will be made” the notice added.
Subsequently in two more filings John Keells listed subsidiaries said that the board of JKL and CCS have also approved the participation of the company in project and that upon receipt of confirmation from Waterfront Properties (Private) Ltd that they wish to conclude the transaction, whilst further announcements will be made.
The notice further added that John Keells Holdings PLC together with its subsidiaries CCS,JKL and JKP will be majority shareholders in the Project Company WPL.
“The board of Directors has approved the Project, in principle, subject to shareholder approval (including approval as a Major Transaction)” the notice said adding that the Project company will enter in to an agreement with the Board of Investment of Sri Lanka to facilitate the requisite approvals which are at an advanced stage including the approval as a Strategic Development project.
“Upon receipt of requisite approvals to the satisfaction of the Board of Directors, further announcements will be made” the notice added.
Subsequently in two more filings John Keells listed subsidiaries said that the board of JKL and CCS have also approved the participation of the company in project and that upon receipt of confirmation from Waterfront Properties (Private) Ltd that they wish to conclude the transaction, whilst further announcements will be made.
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