Boom Times

The Janashakthi Group expanded its property portfolio on Monday by taking full control of Kelsey Holdings (Pvt) Ltd.
The deal, which cost just under Rs. 50 mn by way of debt/equity, saw Kelsey Holdings management and Ayojana Fund Management sell out to Janashakthi Securities & Financial Services Ltd.rn

rnKelsey Holdings currently controls 87.82 percent of Kelsey Development Ltd., a firm that specialises in designing and building residential properties under the lquote Kelsey Homes brand name.rn

rnFormerly owned by the John Keells Holdings Group, Kelsey Developments was taken over by the management with little help from Ayojana about three-years ago. It was incidentally Sri Lankas first ever leverage buyout of a listed company. rn

rnMondays deal brought excellent returns for the sellers endash Kelsey Holdings management got over 100 percent of IRR and Ayojana picked up over eight times earnings for their initial investment. rn

rnFor the period ending March 31, 2002, Kelsey Developments made a p