Sri Lanka’s Access Engineering sells university property at profit
ECONOMYNEXT – Sri Lankan construction group, Access Engineering Plc, has sold Horizon Knowledge City Ltd., subsidiary a company that provides facilities for university education, at a big profit.
The subsidiary, Horizon Knowledge City Ltd. was sold for 765 million rupees, according to the March 2018 accounts of Access Engineering filed with the stock exchange.
Access Engineering had bought the firm in 2015 for 575 million rupees.
Horizon Knowledge City Ltd. has land in Malabe, a fast-growing suburb of Sri Lanka’s capital Colombo.
A note to the accounts said that Access Engineering had also agreed to sell its stakes in Horizon Holdings (Private) Ltd. for 300 million rupees and Horizon Holdings Ventures (Private) Ltd for 475 million rupees.
The company will be receiving the sales consideration by twelve equal monthly instalments, starting from 20th April 2018.
(COLOMBO, May 31, 2018)