Opportunity Sri Lanka | » Sri Lanka’s Alliance Finance sells property for Rs. 524.5 million to property developer
Sri Lanka’s Alliance Finance sells property for Rs. 524.5 million to property developer

Sri Lanka’s Alliance Finance sells property for Rs. 524.5 million to property developer

Sri Lanka’s Alliance Finance Company PLC has reportedly sold its Rajagiriya property to Iconic Developments Ltd. for Rs. 524.5 million.
The announcement was made in a disclosure to the Colombo Stock Exchange (CSE).

Alliance Finance has stated that its 134.64 perch land at Obesekara Crescent, Rajagiriya Road, Rajagiriya, with a carrying value (at fair value) of Rs. 422.5 million was sold at Rs. 524.55 million. Out of this Rs 52.45 million was paid last week and the balance consideration is to be paid within 60 days.
According to reports, the buyer was Iconic Developments Ltd. or a nominated party.
Alliance Finance has further stated that the estimated positive impact to the current year’s income statement was Rs. Rs.102.6 million.
“The completion of the transaction will be subject to fulfilment of the terms and conditions in the Sale and Purchase Agreement,” Alliance Finance has also announced.

OSL take:

The recent sale of a high value land and the launching of a development programme in the said land is indicative of the expanding economy as well as the growing demand for property development in Sri Lanka. The country’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the impact of the global Covid 19 pandemic. Business/investment opportunities in Sri Lanka are on the increase with growing opportunities in all key economic sectors in the country. With Sri Lanka positioning itself as an emerging business destination in the South Asian region, foreign businesses/investors could explore the growing opportunities in the country.

Share this:

Article Code : VBS/AT/02112021/Z_7

    For More Info and Help






    Leave a Comment