USD160 Mn Havelock City Commercial Development to Commence Construction

Havelock City- the premier integrated mixed-use development project in Sri Lanka conducted the Ground Breaking of its Commercial Development, the developers said in a news release.

"The on-time completion of the piling works paved the way to commence the construction of the Super Structure which will be completed by 2021. The construction contract was awarded to China Harbour Engineering Company Ltd. which has its global foot print in over 100 countries.

"Havelock City, the brain child of Mr. S P Tao is developed by Mireka Capital Land a fully own subsidiary of Overseas Realty (Ceylon) PLC, the owner, developer and manager of the iconic World Trade Centre Colombo.

"The Havelock City Commercial Development was designed by the globally renowned Palmer & Turner Group Singapore. It comprises a 50 storeyed Office Tower and a Shopping Mall built to International Standards which will be an iconic landmark in the vicinity," it said.

"The Office Tower housing Grade A premium office space is designed to be a LEED GOLD certified building and is built to the highest standards that enables efficient space planning through column free wide floor plates and a smart functioning infrastructure. The overall design, built quality and facilities will enable businesses an unparalleled competitive advantage.

"The Shopping Mall is developed as a community level shopping mall serving the lifestyle needs of the catchment. A miniature heaven for the ardent shopaholic, the mega mall comprises six floors of both local and international fashion brands, dining and entertainment experiences amidst a state-of-the-art multiplex cinema; a welcoming treat to anyone who craves an undivided shopping experience

"Additionally, the two basement levels of parking with ample space to park over 800 vehicles complements the convenience and vibrancy offered by the Havelock City Commercial development," it added.

The Commercial development of Havelock city will be the visual anchor of the Havelock City Residencies which comprises eight magnificently designed apartment towers in 18 acres of prime land in Colombo, the release said.

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Harry group cross 50% threshold in Aitken Spence

Melstacorp PLC together with related parties (Milford Exports, Stassen Exports and Ms. DST Jayawardena) now have a controlling 51.04% of the Aitken Spence conglomerate, Melstacorp Managing Director Amitha Gooneratne said in a Stock Exchange filing on Mar. 26 announcing the acquisition of approx. 8.13 million Aitken Spence shares by Melstacorp.

Gooneratne listed the shares held by Melstacorp and related parties as – Melstacorp approx. 47.17%, Milford Exports approx. 1.064%, Stassen Exports approx 0.799 and Ms. Jayawardena as 0.0068% (27,839 shares.)

They collectively hold approx 199.09 million shares in Spence (49.038% approx).

The filing explained that "as this purchase is made after a completion of one year cycle and also as the company together with the aforementioned connected parties has crossed the 50% threshold, the restriction on purchase without triggering a mandatory offer as per SEC Rule No. 31.1 will not apply to this purchase or any future purchase of Aitkent Spence PLC shares by this company (Melstacorp).

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Melstacorp get SEC nod for off-floor transfer of DCSL shares to its shareholders

Melstacorp PLC, the holding company of Distilleries Company of Sri Lanka (DCSL), last week announced in a Stock Exchange filing that the Securities and Exchange Commission of Sri Lanka has approved the off-floor transfer of DCSL shares declared as a "dividend in specie" (a dividend other than in cash) to the shareholders of Melstacorp on the already announced ex-dividend date.

In an earlier filing on Mar. 27, Melstacorp announced that DCSL had, "due to a deviation with regard to the previous approval obtained from the SEC," had made an additional submission to the SEC regarding its off-floor transfer application.

In February this year, Melstacorp announced the interim dividend in specie of DCSL shares to its shareholders under which every 27 shares of Melstacorp will qualify to receive eight DCSL shares.

Since August 2016, DCSL shares have not been traded on the Colombo Stock Exchange at the request of the company to facilitate a share swap between Melstacorp and DCSL under which Melstacorp, previously a fully owned subsidiary of DCSL, became the holding company of DCSL.

In its March 27 filing, Melstacorp said it expected that the suspension of trading of DCSL shares will be lifted once the SEC approves the off-floor transaction.

Accordingly, DCSL had given an undertaking to the SEC that it will comply with the requirements of SEC’s Nov. 17, 2016, directive within a time frame agreed with the SEC.

The filing said that the failure to comply with the regulatory requirements would result in the suspension of the trading of DCSL shares on the CSE.

Under the Aug. 2016 arrangement, described as the country’s first 180 degree share swap, Melstacorp which was a fully owned subsidiary of DCSL, became DCSL’s holding company.

Under this arrangement, holders of each DCSL share were allotted four Melstacorp shares in exchange. They were also told that they will enjoy preferential allotment of DCSL shares once the arrangements are completed and DCSL will once again trade on the CSE.

For many years the cash rich DCSL, conscious of the fact that it was a player in the controversial liquor industry, has been diversifying into various other business segments.

Melstacorp is now the holding company of DCSL and these businesses.

It is expected that the DCSL shares being issued as a non-cash dividend to Melstacorp shareholders, will be uploaded to their Central Depository System (CDS) accounts shortly and DCSL will once again be on the CSE trading boards after a long absence.

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