rnrnStamford Lanka will be jointly owned by Stamford Press (51 percent) and the associate companies of Mr. R S Wijewardene (49 percent), LHI told shareholders.
rnrnUnder the sale, LHI will transfer LHB
quote s goodwill (at Rs. 2 mn), the current Liberty Plaza outlet (at Rs.
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10 mn) and the remaining trade stock at a mutually agreed price of around Rs. 2 mn to Rs. 3 mn to the new company.
rnrnStamford Press is also offering a three-year Rs. 5 mn loan carrying a 12 percent interest.
rnrnLHI quote s present Chairman R S Wijewardene, will also be the chairman of the new company.
rnrnLHB has suffered a setback with the entrance of several new bookshops, mainly operating in the Bambalapitya-Colpetty area. The delays in meeting rapid competition came at a time when the company had embarked on a Rs.
8 mn refurbishment drive.
rnrnSince 1997, LHB has been depending on Chitrafoto to susta