Sri Lankaâ€™s Access Engineering buys stake in property firm for Rs800 mn
ECONOMYNEXT – Sri Lankan construction group Access Engineering said it had bought a 50% stake in Blue Star Constructions (Pvt) Ltd. for Rs800 million.
Blue Star owns over one acre of property at Buthgamuwa Road, Rajagiriya, a fast developing Colombo suburb, it said n a stock exchange filing.
Blue Star plans to do a mixed development condominium project on the property, it said.
“While this investment has synergies with the core business, it will enable Access Engineering to further strengthen its presence in the fast growing and promising property development sector, adding a complimentary segment to its operations,” the statement said.
(COLOMBO, June 01 2016)