FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» Kind of behavior traders engage in when they are frustrated and want their money back from the market. Stock market for beginners
by lal62 Today at 7:40 am

» Maldives records over 100,000 tourist arrivals in first 35 days of the year
by target1 Today at 4:36 am

» Many positives for Next week
by madukp Today at 3:22 am

» EXPO EXPO EXPO
by Gowri123 Today at 12:35 am

» GLAS will be winner with Super Gain.
by Eranga87 Yesterday at 9:50 pm

» still I believe this
by 100Bill Yesterday at 9:21 pm

» SUNSHINE HOLDINGS PLC (SUN.N0000)
by ErangaDS Yesterday at 8:19 pm

» Investor sentiment - will there ever be a recovery?
by xhunter Yesterday at 7:49 pm

» Let's have a stop-loss strategy to maximize investment returns in stock market
by EquityChamp Yesterday at 7:19 pm

» Daily Foreign Transactions
by Pradeep90 Yesterday at 6:56 pm

» Norway -> biggest shareholder of NDB
by Bakkabwoi Yesterday at 6:42 pm

» DIPD/HAYC/HAYL
by samaritan Yesterday at 5:41 pm

» කොටස් මිල දී ගන්න මෙය හොඳම කාලයයි – රාජ්‍ය අමාත්‍ය කබ්රාල්
by samaritan Yesterday at 5:07 pm

» IS it right time to stick to warren buffett's most famous saying ???
by Mr. X Yesterday at 4:02 pm

» CSE - The World's best performer!
by Vishwanarth Yesterday at 2:42 pm

» Best Broker
by Wickyz Yesterday at 2:32 pm

» Game Changed! SUPER GREEN
by Karthick Yesterday at 12:24 pm

» Blue Diamond
by thavam_Eu Yesterday at 12:07 pm

» GALORE OF GOOD NEWS TO THE CSE
by Bakkabwoi Yesterday at 11:58 am

» TRUE VALUE OF LANKA ALUMINUM INDUSTRY (LALU)
by Trading Jockey Yesterday at 10:26 am

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Shaw Wallace land sale falls prey to India - China politics

Shaw Wallace land sale falls prey to India - China politics

Go down  Message [Page 1 of 1]

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Recent reports about a prime block of land in Colpetty belonging to a listed company in the island being sold off to a Chinese state-owned aviation company, has sparked off controversy, though it’s purely a private deal between the two companies.

According to Indian media reports, although the plot on the Galle Road was said to have been promised to the Indian High Commission (HC), it turns out that the same plot has been allotted to the Chinese company, CATIC (China National Aero Technology Import and Export Corporation), which also maintains close links with Pakistan, leading India to strongly take up the matter with the Sri Lankan Foreign Ministry.

These reports claim that the Indian HC had completed all formalities and was in touch with the Sri Lankan Foreign Ministry, which has to clear such purchases by any foreign mission, for the sale of the plot as it wanted to build a cultural centre there.

According to local media reports, for several weeks, Indian High Commissioner in Sri Lanka, Ashok Kantha and his senior officials had been negotiating with S. Richard Vamadevan, Chairman of the 162-year-old listed local entity, Shaw Wallace and Hedges PLC, to purchase the property.

Negotiations had ended with India agreeing to pay Rs.7 million per perch for a part of the land for this purpose. The Indian position is that the deal was concluded, reports stated.

Since foreign diplomatic missions wanting to purchase land are required to obtain permission from the External Affairs Ministry (EAM), these reports claim that the HC had written to the EAM for clearance.

“India protests that for more than one and a half months, the EAM remained silent. There had been no response from it,” the reports said.

In the meantime, Indian media reports noted that Indian authorities were surprised when they learnt that the plot was sold to China National Aero Technology Import and Export Corporation (CATIC), China’s aircraft manufacturer.

The Sri Lankan High Commissioner, Prasad Kariyawasam, had also been summoned and India’s displeasure over the deal had been made known to him, the Indian report stated.

In a corporate disclosure dated July 31, 2012, Shaw Wallace stated that it would be selling the 264.65 perch land called ‘Colpetty Mills’ together with buildings standing on the land.

Furthermore, in a disclosure dated August 2, 2012 the company revealed that it had entered into a sales agreement to sell the above land for Rs.1.85 billion to Avic International Hotels Lanka Ltd., a locally incorporated unit of CATIC.

It also stated that the reason for the sale was to finance the ongoing 30 storied development project in the adjoining land, where the piling and substructure work has been completed. The intention of the purchaser, according to the disclosure, is to develop the land to be purchased, into a mega hotel project.

Meanwhile, in a circular to its shareholders, Shaw Wallace stated that the Extraordinary General Meeting, also mentioned in the disclosures referred to above, would be convened and the shareholder approval for the sale of this land would be obtained.

Shaw Wallace owns the land at Colpetty which is 542 perches which extends from Galle Road frontage to the edge of the parallel R.A. de Mel Mawatha (Duplication Road) and it had plans to develop two 30 storied luxury apartment buildings on 181.5 perches of this land called ‘Mayfair City’.

However, due to certain economic and financial constraints, the project was interrupted and efforts to finance it through a joint venture or any other forms of funding proved unfruitful.

Now Shaw Wallace plans to secure, on a 99-year lease from the Urban Development Authority, a 52.9 perch land in front of the Colpetty property on the Galle road side, which, according to the company, would enable them to amalgamate both lands and go in for a meaningful development.
http://www.dailymirror.lk/business/other/21330-shaw-wallace-land-sale-falls-prey-to-india-china-politics-.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum