May 26, 2015 (LBO) – Sri Lanka’s United Motors, one of the oldest automobile companies in the island has transferred a revaluation surplus of 1.73 billion rupees to the revaluation reserve account, the company said in a stock exchange filing.
The company has recently carried out a revaluation for lands owned and occupied by them as indicated below.
Hyde Park Corner, Colombo 02
Majeed Place, Orugodawatte
Vauxhall Street, Colombo 02
Maligawa Road, Ratmalana
Kandy Road, Navatkuli, Jaffna
Subsequent to the valuation report dated 22 May 2015, the value of the lands attributed to owner occupied properties has been increased to 3.87 billion rupees, the company said.
The board has adopted that figure as the fair value of these properties and recorded a revaluation surplus of 1.73 billion rupees in the revaluation reserve account as at 31 March 2015, the company further stated.