State to take over Sri Lanka listed company land
June 19, 2014 (LBO) - Dunamis Capital Plc said property valued at over 500 million rupees in a popular hill resort is to be taken over by the state.
The firm said in a stock exchange filing that the property in Upper Lake Road is 76 percent owned by the company and had a carrying value of 536 million rupees. Another 120 million rupees in interest had also been spent.
It had received an acquisition order dated June 10.
Two listed firms have been expropriated by the state in its entirety in the recent past and no compensation has yet been paid even to minority shareholders.
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