On’ally 23% stake sold

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By 2017-09-26

Sri Lanka's listed Ceylon and Foreign Traders Plc yesterday sold its On'ally Holdings Plc's (ONAL) 23% stake or 4 million shares to Renuka Capital Plc for a relatively discounted price of Rs 173.4 million, brokers said.
The selling price is Rs 43 (down Rs 4.1 from previous close). ONAL has 17.5 million shares on issue, with the Urban Development Authority or UDA holding 47.6% of shares as at 30.6.17.

During the last quarter (April-June), the Company recorded a net profit of Rs 33.89 million. The investment property of the Company and the main source of income of the Company is the Unity Plaza building situated at No. 2, Galle Road, Colombo 4. The floor area of the Unity Plaza building (excluding the Bank of Ceylon premises) is in the extent of 130,985 sq.ft. Rentable space is limited to 79,084 sq. ft. Land extent (excluding the Bank of Ceylon premises) is 78.56 perches. On'ally Holdings PLC Chairman, Jagath......Munasinghe during the last AGM of the Company said, "The Unity Plaza Building, which is the main source of income of On'ally Holdings, is situated in a prime location. Its location in Bambalapitiya is such that it has plenty of potential to be developed mainly as a high-end office complex." (IG)



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