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.
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.
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%. .
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NOTE: No news about the funding.