Sept 06, Colombo: Lee Hedges PLC, formerly Shaw Wallace has announced that it is selling the divided land it owns in prime location of the Sri Lankan capital to finance and develop a mixed-development project.
Accordingly Lee Hedges plans to sell its land to the extent of 181.58 perches at No. 418 R.A. de Mel Mawatha for Rs. 1.24 billion, the company announced in a disclosure to the Colombo Stock Exchange 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.
This 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.
On 28 August, 2013 Lee Hedges entered into an agreement to sell the property at R.A. de Mel Mawatha, called "Colpetty Mills" to AVIC International Hotels Lanka limited for the above sum.
Lee Hedges has taken necessary steps to move the Special Resolution required for the Major Transaction on the sale of the land at the forthcoming annual General meeting of the company on 26 September, 2013.