Eastern Merchants PLC is to sell its land and buildings at No. 284, Vauxhall Street, Colombo 2 and No. 341, Union Place, Colombo being one block 134 perches in extent. This property has been valued at Rs. 939,000,000 in 2014.
The funds thus raised are to be invested to diversify the company’s business from its traditional commodity trading into new business ventures focusing on value addition. It also proposes to utilize a part of the sales proceed to settle its outstanding debts.
The Eastern Merchants PLC Board has approved the sale in principle and is to summon an Extraordinary General Meeting on 16 March 2015 to table a resolution seeking shareholder approval.
www.adaderana.lk
The funds thus raised are to be invested to diversify the company’s business from its traditional commodity trading into new business ventures focusing on value addition. It also proposes to utilize a part of the sales proceed to settle its outstanding debts.
The Eastern Merchants PLC Board has approved the sale in principle and is to summon an Extraordinary General Meeting on 16 March 2015 to table a resolution seeking shareholder approval.
www.adaderana.lk
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