Shaw Wallace and Hedges PLC has agreed to sell its 264.65 perch land located in Kollupitiya to Avic International Hotel Lanka Limited for a sum of Rs. 1.852 billion. Shaw Wallace says, the reason for the proposed sale is to finance the firms ongoing 30 storied development project in the adjoining land.
According to the stock market disclosure, the intention of the purchaser of the said land is to develop a mega hotel project.
The proposed sale is subjected to shareholder approval.
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