Renuka Capital acquires 23% of Unity Plaza

Renuka Capital PLC, a unit of the Renuka group, this week acquired 23 percent of On’ally Holdings PLC, the owners of the Unity Plaza building in Bambalapitiya, for Rs.173.4 million.

The seller of the shares was Ceylon and Foreign Trades PLC, a company controlled by Dr. Ali Asgar Shabbir Gulamhusein.  

The deal took place in two crossings of 3.07 million shares and 960,333 shares at Rs.43 per share.  

As at June 30, 2017, the net asset value per share of On’ally Holdings stood at Rs.109.52.  The single largest shareholder of On’ally Holdings is state-run Urban Development Authority with a 47.6 percent stake. 

The Renuka group acquired Kalamazoo Systems PLC in 2016, which was subsequently named as Renuka Capital PLC and the firm currently operates as an investment trust. 
On’ally Holdings during the financial year 2016/2017 registered a profit before tax of Rs.119.72 million excluding the gain on revaluation of investment properties of Rs.164 million. It was a 17 percent increase compared to the previous year.