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12 November, 2014 09:09 AM Source: Lanka Business Online - LBO
Construction in hambanhota.jpg

Nov 12, 2014 (LBO)-Sri Lanka’s Renuka Holdings PLC would build a 28-storey tower at the Galle Face Terrace with an investment 3.2 billion rupees, the company said in a media statement.

The tower will have 200,000 square feet of rentable office space and parking for more than 200 cars, the company said. The project is expected to begin in 2015 and is planned for completion in 2018.
It will also have corporate entertainment areas, conference facilities, dining, recreation and all the modern necessities required to create a pleasant and safe working environment.

“We believe the time is right for us to develop our land bank and create a new revenue stream for the company from these resources,” Executive Director (Projects) Shamindra Rajiyah said in the statement.

“Using our past experience, we aim to make the Renuka Tower a preferred business address in the city,” he said.

The company received the shareholder approval at the Extraordinary General Meeting (EGM) held yesterday (Nov. 11) to proceed with the project.

“The Renuka Tower will provide ‘A’ Grade office facilities built on the company owned land at the Galle Face Terrace and Uttrananda Mawatha, Colombo 03,” Rajiyah said in the statement. The total project cost of the two stage development is estimated at 3.2 billion rupees, which will be partly financed by the ongoing rights issue of 1.03 billion rupees.

The company is offering a total of 44,517,313 ordinary voting shares at 21 rupees each and 6,428,415 million non-voting shares at 15 rupees each.

Renuka Holdings is a diversified business listed on the Colombo Stock Exchange (CSE) and is the holding company of subsidiaries engaged in Agri Food Exports (Plantations, Manufacturing, and Global Marketing), Dairy, FMCG, Automotive, Investment and Services.
Renuka, in its six months results, reported a turnover of 3.85 billion rupees and a Gross Profit of 899.5 million rupees, an increase of 21 per cent over the corresponding period last year.

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