Citrus leisure PLC, in connection with its earlier announcement (on February 21) on acquisition of properties in Waskaduwa and Kalpitiya, informed the Colombo Stock Exchange yesterday that it had sub leased and transferred properties to Waskaduwa Beach Resort Ltd and Kalpitiya Beach Resort Ltd. in exchange of shares of the two subsidiaries on February 14.
Consequently, eight acres of property at Kudawaskaduwa which was acquired by Citrus Leisure PLC for Rs.243.94 million has been transferred to Waskaduwa beach resort Ltd.(WBRL) for a consideration of Rs.380 million (38 million ordinary voting shares of WBRL) at an issued price of Rs.10 per share.
Two other lands were acquired by Citrus Leisure for a sum of Rs.129.72 million at Kalpitiya. Meanwhile, the 42 acres free hold land had been transferred to Kalpitiya Beach Resort Ltd (KBRL) for Rs.169 million (16.9 million voting shares), and the 35 acres leasehold land at Kalpitiya had been sub leased for Rs.177.5 million (17.75 million voting shares of the Kalpitiya Beach Resorts Ltd). The statement noted that Kalpitiya Beach Resorts Ltd. has 104.65 million issued shares each priced at Rs.10.
source - www.dailymirror.lk
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