Blue Ocean buys controlling stake in Kelsey Developments

Leading real-estate developer and subsidiary of Blue Ocean Group of Companies, Blue Ocean Residencies (Private) Limited has acquired 60 percent stake in Schaffter family-controlled Kelsey Developments PLC for Rs.257.25 million.
Blue Ocean Residencies last week purchased 10.46 million shares of Kelsey Developments at Rs.24.60 per share, according to a stock filing by First Capital Stockbrokers.

With the acquisition of control, Kelsey Developments is set to become a member of the Blue Ocean Group and will have to make a mandatory offer to the remaining Kelsey Developments shareholders.
Prior to the acquisition, Prakash Schaffter and Ramesh Schaffter each held 42.62 percent stake in Kelsey Developments.

Incorporated in 1983, Kelsey Developments provides specialist operations in real estate development through two subsidiaries, Kelsey Homes (Pvt) Ltd, and Kelsey Homes (Central Park) Ltd (collectively the Group). 
Over the period, the company has specialised in gated housing and luxury living through a vast portfolio of over 200 real estate and housing projects.
Blue Ocean
During the first half of current FY, the company reported a Rs.153.45 million loss on a Rs. 687.48 million revenue. As of September 30 this year, the company’s retained losses expanded to Rs. 967.81 million.

During the first half of current FY, the company reported a Rs.153.45 million loss on a Rs. 687.48 million revenue. As of September 30 this year, the company’s retained losses expanded to Rs. 967.81 million.