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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka CT group in US$52mn condo with Singapore's Keppel

Sri Lanka CT group in US$52mn condo with Singapore's Keppel

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

July 12, 2012 (LBO) - Sri Lanka's CT Holdings is planning to build a 7 billion rupee (52 million US dollar) high end apartment block with Singapore's Keppel group in the capital Colombo, the company said.

The project will be carried out through CT Properties Ltd, the firm said in a stock exchange filing.

Edmonton Ltd, a unit of the Keppel Land Ltd, will take a 60 percent equity stake and debt in the company.

The apartment is earmarked to be built on a 1.25 acre block in Colombo's George R de Silva Mawatha.

CT Holdings said Keppel had entered into a conditional share purchase agreement which includes gaining regulatory approvals before buying its stake.

Keppel Land is one of the largest property companies in Singapore.
http://lbo.lk/fullstory.php?nid=1347921107

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