Oct 05, Colombo: Lee Hedges PLC, formerly Shaw Wallace has announced that it sold a plot of land it owns in prime location of the Sri Lankan capital in order to finance and develop a mixed-development project.
Subsequent to obtaining the shareholders' approval at the Annual General Meeting of the company held on September 26, Lee Hedges has sold a 181.58 perches of a land called "Colpetty Mills" to the AVIC International Hotels Lanka limited for a total sale price of Rs. 1.24 billion, the company announced in a disclosure to the Colombo Stock Exchange Friday.
Lee Hedges said it has executed the deed transfer of the property located at the No. 418 R.A. De Mel Mawatha in Kollupitiya with the AVIC International on Friday.
The company on 12 July, 2013 entered into an agreement with the Urban Development Authority (UDA) to obtain a 52.92 perch land located in Galle Road, Colombo 3, on a 99 year lease contract for the mixed-development project.
The sale of the property to AVIC International would enable the company to amalgamate the UDA land taken on the lease and the company's adjoining property for a significant development project on the Gall Road side.