Sri Lanka Janashakthi makes Rs940mn profit on property sale to Sanken
ECONOMYNEXT – Sri Lanka’s Janashakthi Insurance PLC said it had made a profit of 940 million rupees on the sale of leasehold rights of a prime block of real estate to Sanken Construction (Private) Ltd.
Janashakthi sold the leasehold property at No. 24, Staple Street Colombo 2 to Sanken for 1.93 billion rupees in a transaction to be completed by March 25, a stock exchange filing said.
Sanken had paid a 50 percent advance of 965.3 million to Janashakthi on December 23, 2015.
The agreement entered into with Sanken is subject to and conditional upon Janashakthi obtaining all approvals from Urban Development Authority and the Cabinet of Ministers to assign leasehold rights to Sanken and approval for Sanken to build residential condominium apartments and sell and convey free hold rights to prospective buyers.