East West Properties offers buyout at Rs.16 per share

East West Properties PLC, whose majority shareholder is Nahil Wijesuriya, announced that its board of directors has decided to initiate the delisting of the company’s shares from the Colombo Stock Exchange (CSE), subject to obtaining the necessary shareholder and regulatory approvals.

In a filing to the CSE, the company stated that arrangements have been made with Wijesuriya to purchase the shares from those wishing to divest, at a price of Rs.16.00 per share.

A circular to the shareholders, along with the notice of an Extraordinary General Meeting concerning the proposed delisting, will be dispatched shortly.

During the financial year 2022/2023, the company reported a revenue of Rs.82.5 million, representing a 77 percent growth compared to the previous year. The group recorded a net finance income of Rs.97.3 million and received Rs.10.5 million in dividend income from its investments in quoted securities. 

Overall, the group achieved a return of Rs.101 million for the financial year.

As East West Properties PLC primarily rents warehouses, office space and yard space for commercial purposes, 56.83 percent of its total assets were investment properties as of the end of the 2022/2023 financial year.