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Sri Lanka’s firm seeks nod for land sale to China’s Avic

Sep 09, 2013 (LBO) - Sri Lanka's Lee Hedges Plc is seeking shareholder nod to sell land worth 1.

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24 billion rupees to a Chinese led mixed development project. Lee Hedges said it is selling 181 perches of land (about 1.2 acres) to Avic International Hotels Lanka Ltd, promoted by Chinese defence contractor Avic.

The firm was seeking shareholder nod at a meeting on September 26, as it was a major transaction, requiring their approval.

Lee Hedges had on July 2013 also taken on a 99 year lease another 53.92 perches bordering the property from Sri Lanka's Urban Development Authority.

The land is located in Kollupitiya, an up market suburb in Sri Lanka's capital Colombo.

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