Lee Hedges Investment Ltd, a fully owned subsidiary of Lee Hedges has decided to abandon the idea to build a 15-story mixed development complex in Colombo 3 (‘Colpetty Mills’) with an investment of Rs.2..8 billion.
The company signed an agreement with Board of Investment (BoI) for this project in 2014 March. Eleven investors owing 2.76 million shares have indicated that they disagree with the proposed investment plan and are requesting Lee Hedges to buy their shares.
The company was planning to build on the former Cashew Corporation premises which were taken on a 99 year old lease by the company. The extent of the land is 53 perches.
Lee Hedges told the Colombo Stock Exchange that the total investment in leasing the land was Rs.466.6 million.
The land on which the building is to be constructed was originally owned by Lee Hedges PLC. The land was acquired by the government in 1970 for the Cashew Corporation.
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