Sri Lankaâ€™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.