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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CLND BOI deal signed to transform Liberty Plaza into a premier retail destination

CLND BOI deal signed to transform Liberty Plaza into a premier retail destination

4 posters

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Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
BOI deal signed for Rs. 600m new investment to revamp Liberty Plaza


Colombo Land and Development Plc Group yesterday signed an agreement with the Board of Investment to undertake a Rs. 964 million revamp of Liberty Plaza in Colombo, including Rs. 600 million for new buildings.

CLND BOI deal signed to transform Liberty Plaza into a premier retail destination   BUP_DFT_DFT-1-New2


The proposed project intends to undertake a huge refurbishment process in the near future which will convert the Liberty Plaza into a world class shopping mall as well as an icon in Colombo City.


CLND BOI deal signed to transform Liberty Plaza into a premier retail destination   154487_525955670756403_1874663724_n


Colombo Land and Development Company came into existence in 1982 as a result of a joint venture between UDA Sri Lanka and Clarissa of Singapore and today the company possesses a distinguished Board of Directors comprising former Navy Commander and current Sri Lankan Ambassador to Japan Wasantha Karannagoda, President’s Counsel Ali Sabry, George Steuart Group Chairman Dilith Jayaweera, Consultant to the Ministry of Higher Education Prof. Krishan Deheragoda, UDA Director Dr. Nalaka Godahewa and prominent businessman Mangala Gunathilaka along with the Singaporean directors Ng Yew Tong and Ng Yoo Xing Eugene.

Currently the company’s foreign-held shares stand at 24%, while the balance 76% is held both by Sri Lankan corporates as well as individual shareholders out of which the UDA still holds a 17.5% stake and Kalpitiya Land holds 20%. .

More news at:
http://www.ft.lk/2013/02/18/liberty-plaza-to-be-transformed-into-premier-retail-destination


NOTE: No news about the funding.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Are they serious about creating value for the Singaporeans? I am surprised this was not in the expropriation bill.

Citrus has done its job by getting the majority foreign shareholding down. Now it should sell to the UDA. The UDA with 50%+ should either buy other parties or go for a ridiculous rights issue. A few Billion spent on this project would add more value than a billion spent else where.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Has anyone seen this agreement between CLND and the singaporean investors signed in 1982? Where I can obtain a copy?
(I believe money should mainly come from singaporean investors but would like to see)

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Anyone has news about the current position of the plantations developed by CLND ?

Few years ago they said that investment will bring good value addition and profits.

Last your they reported a fire damage in their plantations.

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@UKboy wrote:
(I believe money should mainly come from singaporean investors but would like to see)

Why do you think that? If money come from Sing, it will have to come in as debt for which CLND will have to pay interest or it will come as equity (which will be a rights or a private placement)

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Jiggysaurus wrote:
@UKboy wrote:
(I believe money should mainly come from singaporean investors but would like to see)

Why do you think that? If money come from Sing, it will have to come in as debt for which CLND will have to pay interest or it will come as equity (which will be a rights or a private placement)

Clarissa does not need to fund the expansion as it is no longer a shareholder. The remaining singapore shareholder is broke! His flagship investment Horizon Towers is having problems

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Jiggysaurus wrote:
@UKboy wrote:
(I believe money should mainly come from singaporean investors but would like to see)

Why do you think that? If money come from Sing, it will have to come in as debt for which CLND will have to pay interest or it will come as equity (which will be a rights or a private placement)

Hi Jiggy, Agree with you regarding where the money should come. That's why I would like to see that agreement. However risk of a CLND right issue is relatively low as don’t think UDA ,Dr Godahewa & DJs group will ready invest their own money or borrow money for a new project.
Its fair to assume that the local parties will go against any right issue proposal in the board room (for the time being). That’s my personnel view. Can be wrong..!

Chance of a right issue can be possible in 2015. (If we assume that REEF perform well and their warrants conversion successful & CLND projects are going well as planned). Then CITK will be granted money for any CLND right issue. Again that’s my personnel view. Can be wrong..!




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