Standing Tall

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

August 23, 2006 (LBO) – Overseas Realty Ceylon said Wednesday they would raise 1.25 billion rupees through a rights issue to buy up of a 60 percent stake in property developer Mireka Capital Land Private Ltd. The group owners and managers of Sri Lanka’s twin tower world trade center, will issue 69,057,200 ordinary shares valued at par of ten rupees for 15 rupees apiece.

The issue opens on September 05 to 08 for selected investors – mainly local and foreign fund managers, institutional investors, employee benefit schemes, unit trusts, insurance companies and other high net worth individuals.

The share issue will be fully underwritten by Shing Kwan Investment (Singapore) Pte Ltd that holds the 60 percent parcel in Mireka Land, with the balance held by Bank of Ceylon.

NDB Investment Bank has been picked as financial managers and advisors to the issue.

Mireka Capital Land is a joint venture between Singapore based real estate company the Shing Kwan Group and Bank of Ceylon.

Mireka are developers of the ambitious 250 million dollar Havelock City project located at the former Wellewatte Spinning and Weaving mills.

The project will include condominiums as well as commercial fa