Ascot Holdings PLC has changed its name to Lanka Reality Investments PLC.
The name change captures the company’s core vision; to become the foremost listed real estate investment and development company in Sri Lanka attracting overseas investors and local retail investors, a media release from the company said.The Board of Directors of Lanka Realty Investments PLC is encouraged by the growth prospects in the real estate sector and are pleased with the recent development in the regulatory environment.
The recent amendment to the Land Restrictions on Alienation Act lifts the restriction of limiting foreign shareholding to 49% on listed companies holding freehold land and will now allow foreigners to hold the controlling stake in listed companies owning freehold land. This encouraging development is expected to position Lanka Realty Investments as an investment vehicle for foreign investors to partake in Sri Lanka’s real estate growth story.Archie Warman, Executive Director, Lanka Realty Investments stated; “We are taking further aggressive strides to optimise the potential of the company as we will be raising Rs. 632 Mn via a rights issue, primarily for additional investments, complete debt settlement and working capital needs”.
Following the takeover of Ascot Holdings PLC in October 2017 by an international consortium of British and local investors, a complete re-engineering of the company took place amidst a challenging operating environment.
The consortium heading Lanka Realty Investments PLC (LRI) has ensured that the first act was to ensure that the Company’s constitution was strengthened with Articles of Association aligned with good corporate governance and international best practices. The Board of Directors was reconstituted as was every Board sub-committee. Mohan Ratnayake, continues to serve as the Chairman.