In a real estate transaction due to be completed in two months (by March 25), Janashakthi Insurance PLC has struck a Rs. 1.93 billion deal with Sanken Construction (Private) Ltd. to assign its No. 24, Staple Street Colombo-2 leasehold land and premises to Sanken.
The purchaser (Sanken) had on Dec. 23, 2015, paid a 50 percent advance of Rs. 965,340 million to Janashakthi.
In a Stock Exchange filing on Friday, Janashakthi announced that the profit generated from the transaction is approximately Rs. 940 million.
Capitol Developers, a member of the Sanken group, will build a 388 apartment block on this land. (See separate story on this page)
The agreement requires Janashakthi to obtain all UDA approvals as well as cabinet approval for the assignment of the leasehold rights of the property to Sanken and also approval for Sanken to build residential condominium apartments and sell convey freehold rights of such apartments to prospective buyers.
Sanken is one of the biggest property developers in Colombo and are partners with the JKH group in the Cinnamon Red Hotel on Green Path in which holds a major stake.
Separately, Janashakthi informed the Stock Exchange that Janashakthi General Insurance Ltd. and AIA General Insurance Lanka Ltd., which is acquired last year and is now a subsidiary of Janashakthi has been merged in terms of the company law with the amalgamation taking effect on Jan. 29.
AIA General Insurance Lanka Ltd. will be removed from the Company Register by the Registrar General of Companies, the Stock Exchange filing said.
www.island.lk
The purchaser (Sanken) had on Dec. 23, 2015, paid a 50 percent advance of Rs. 965,340 million to Janashakthi.
In a Stock Exchange filing on Friday, Janashakthi announced that the profit generated from the transaction is approximately Rs. 940 million.
Capitol Developers, a member of the Sanken group, will build a 388 apartment block on this land. (See separate story on this page)
The agreement requires Janashakthi to obtain all UDA approvals as well as cabinet approval for the assignment of the leasehold rights of the property to Sanken and also approval for Sanken to build residential condominium apartments and sell convey freehold rights of such apartments to prospective buyers.
Sanken is one of the biggest property developers in Colombo and are partners with the JKH group in the Cinnamon Red Hotel on Green Path in which holds a major stake.
Separately, Janashakthi informed the Stock Exchange that Janashakthi General Insurance Ltd. and AIA General Insurance Lanka Ltd., which is acquired last year and is now a subsidiary of Janashakthi has been merged in terms of the company law with the amalgamation taking effect on Jan. 29.
AIA General Insurance Lanka Ltd. will be removed from the Company Register by the Registrar General of Companies, the Stock Exchange filing said.
www.island.lk
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