Lee Hedges drops Rs2.8bn Sri Lanka serviced apartment project

ECONOMYNEXT – Sri Lanka’s Lee Hedges Plc said it will not proceed with a planned Rs2.8 billion multi-storied serviced apartment project in the capital Colombo.

A stock exhange filing said the company had received notice from 11 shareholders collectively owing 2.76 million shares saying they disagreed with the proposed project on a land called ‘Colpetty Mills’.

The dissenting shareholders had asked Lee Hedges to buytheir shares given their disagreement with the invetsment plan.

The statement said the firm would have gone ahead with the project only if the performance of the island’s real estate indystry and economic climate ws “conducive to such an investment” and the company getting the funds.
(COLOMBO, Feb 27, 2017)

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