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Sri Lanka’s Access Engineering buys property firms for Rs523.6mn

COLOMBO (EconomyNext) –  Access Engineering Ltd. said it has invested 523.6 million rupees to buy into two property companies developing land in a suburb of the Sri Lankan capital Colombo.

The construction firm invested 273.6 million for 100 percent control of Horizon Holdings Ventures (Pvt) Ltd., a company incorporated in June 2015, a stock exchange filing said.

Access Engineering also invested 250 million rupees for a 50 percent share in Horizon Holdings (Pvt.) Ltd., a firm incorporated in March 2014.

Both firms are in the business of developing their 12.5 acre property located in Malabe, a fast-growing suburb of Colombo. 

“Whilst this investment has synergies with the core business, it will enable AEL to enter the promising property development sector adding a complimentary segment to its operations,” the statement said.
 

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