The strategic investment made by Investor Access Equities (Pvt) Ltd headed by Asanga Seneviratne has paved the way to resolve long-standing issues of Ceylinco Investment Corporation Ltd (CICL), the company said.
CICL is a fully owned subsidiary of Nation Lanka Finance PLC (NLFPLC) and formerly under the Ceylinco umbrella.
The guidance of Jayantha Dharmadasa, Chairman, NLFPLC and Directors Asanga Seneviratne, Harshith Dharmadasa, Jayaprakash Rudra, Bede Fernando, Lalith Karunaratne, Chandra Sahabandu and Uditha Palihakkara together with Director CICL Wing Commander Nalin Jayetileke (Retd), spearheaded the company to a new beginning to resolve the outstanding issues, the press release said.
CICL handed over 206 Transfer Deeds on October 5 during a ceremony held at the Wayamba Provincial Council Auditorium in Kurunegala, with the patronage of Minister Johnston Fernando. An additional 220 deeds will also be released in the near future on complesion of the legal requirements and the owners will be notified accordingly. CICL said it also settled 52 investors who have invested less than Rs 100,000 in full.
The following key issues were given due diligence by the Board of Directors with the interest of the investors in mind:
- There were 914 individual buyers who have purchased land from CICL where the transfer deeds have not been affected due to pending financial issues since 2007. Over 420 of them have paid their money in full.
- There were 164 investors who have made deposits to the value of Rs 116 million which were outstanding without settlement for which there was no cash inflow due to pending mortgages and legal issues.
The statement said Mr Seneviratne furnished a loan facility of Rs 109 million giving CICL much needed finances to embark on settling the mortgages of 914 plots of land and as a result was able to hand over 206 Deed Copies to their rightful land owners.
As the next step, the company will be looking at settlement of all other investors, uplift the existing facilities at Millennium City, Kurunegala and step into the real estate business with a few developments planned in Kandy, Kurunegala and Negombo. Apart from property development, CICL will also re-look at the foliage business targeting the international market. CICL also have their sights on building the first high rise in the hill capital with a further infusion of capital and develop the real estate business to be the market leader in Sri Lanka.
The CICL Board of Directors comprises of (Retd) Wing Commander Nalin Jayetileke, Rajiv Perera, Ms Shubhani Jayawardena, Mithila Ranasinge and T M Wijeratne.