BOC subsidiary PDL to sell mini hydro power venture

Wednesday, 26 August 2020 02:08 -     - {{hitsCtrl.values.hits}}

Property Development Plc (PDL) is to divest 100% shareholding in Koladeniya Hydropower Ltd.

A decision to this effect was made by PDL Board of Directors recently. PDL is the subsidiary of Bank of Ceylon. 

The Board authorized PDL Chairman or CEO to take all necessary steps whatsoever to facilitate the transfer of shares held by PDL in Koladeniya Hydropower Ltd., and to call for bids in this respect.

The price at which PDL will sell the shares will be determined at a later date following the receipt of bids

from prospective bidders.

PDL has invested Rs. 242 million in the mini hydro power company which began operations in April 2012. Its issued capital is 21.7 million shares.

The principal activity of the Company is own and operate a mini hydro power plant of 1200 kW capacity and to deliver generated electricity to Ceylon Electricity Board National Grid.

PDL in 2019 received Rs. 81 million as revenue from hire of power plant to CEB down from Rs. 90 million in 2018. Profit earned was Rs. 47 million, up from Rs. 39.6 million in 2018