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18 February, 2015 09:41 AM Source: Financial Times - Sri Lanka
sold sign.jpg

The company said its Board, at a meeting on Monday, resolved to sell land and buildings owned at 284 Vauxhall Street, Colombo 2 and 341 Union Place, Colombo 2 (with a combined extent of 134 perches) for Rs. 1.04 billion.

It said, according to the valuation dated 6 April 2014 by Incorporated Valuer Prof. Gamini Haegoda, the property is worth Rs. 939 million. The Union Place property was the registered office and principal place of business.

“It is proposed that the funds raised through the sale are to be invested to diversify the business of the company from its traditional commodity trading into new business ventures focusing on value addition,” Eastern Merchants said. The company also proposes to utilise a part of the sale proceeds to settle outstanding debt which is considerably low.

The Eastern Merchants Board has approved the sale in principle. Since the value of the property to be sold is more than one half of the total value of assets of the company, the sale constitutes a major transaction in terms of the Companies Act. Total assets were Rs. 1.28 billion as at 31 December 2014 of which property plant and equipment amounted to Rs. 487.5 million and investments property was Rs. 508 million.

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