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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Expropriation Act: New investors found for 11 out of 38 acquisitions

Expropriation Act: New investors found for 11 out of 38 acquisitions

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CSE.SAS

CSE.SAS
Global Moderator
*Management changes at 11 others

The government has transformed 22 out of the 38 companies it acquired through the controversial expropriation law that was passed in parliament last year.

Eleven of these have undergone managerial changes while 11 have been released to new investors for a consideration of US$ 63.12 million, the 2011 Annual Report of the Ministry of Financing and Planning showed.

The managerial changes are highlighted as follows:

Hotel Developers (Lanka) plc: State Land leased to HDLL on a 99 year Lease – Hotel Block, 5 Years – Pool Block. A new Management Contract being finalized with Hilton International Worldwide on terms more favorable to the government, while compensation claims are being entertained from third party stakeholders.

Sevanagala and Pelwatte Sugar Industries Limited: Merged and formed as a new company under the Companies Act No. 7 of 2007, to be fully owned/ administered by the Government, while ensuring employee continuity, and payment of compensation to third party stakeholders.

Ceylinco Leisure Properties Ltd. - Colombo 3: The partly constructed building being transformed into a multifaceted hotel complex, through a consortium of Private/ public entities, while compensation being paid to 3rd party stakeholders.

Chalmers Granaries Ltd. - Colombo 1/ Lanka Tractors Ltd. – Colombo 11/ Suchir Neb Projects (Private) Ltd. - Battaramulla/ Former Cashew Corporation Land - Colombo 3: Transferred to the Urban Development Authority, to be developed under the overall Urban Development Plan.

The following sites had been released to be used for public purposes (not specified): Seethas Fashion (Pvt) Ltd. ,Needle Crafts (Pvt) Ltd., Collins Garment (Pvt) Ltd. and Macfa Apparel (Pvt) Ltd.

Details of the eleven entities that were given over to new investors are shown in the box below:
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53569

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