Nahil equally gifts Rs. 1 b controlling stake in East West Properties to children

Business tycoon Nahil Wijesuriya yesterday transferred his controlling stake in East West Properties Plc to his three children.

His children Vajira, Vijitha and Anika got 21.3% each, totalling a 63.9% shareholding. 

The transfer was done at Rs. 12.40 each and 21.3% amounted to 29.448 million shares.  Vijitha Wijesuriya is the Managing Director of East West Properties whilst Anika is an Executive Director and the eldest Vajira is a Non-Executive Director.

Being in the default board since 19 September for the non-submission of an Annual Report for the year ended 31 March 2017, East West’s Directors cannot deal in shares of the company. However, the transfer had been approved by the Securities and Exchange Commission.

The transaction of 88.35 million shares for Rs. 1.09 billion accounted for the highest turnover yesterday. The East West share price hit an intra-day high of Rs. 12.90 at which price it closed, up 50 cents.

The Net Assets Value per share of East West Properties as of 30 June 2017 was Rs. 10.57, down from Rs. 13.44 from 31 March 2017. The 52-week highest price was Rs. 15.80 and the lowest was Rs. 11.

In July, East West Properties subsidiary Weligama Hotel Properties Ltd. began commercial operations of its hotel - the 198-room Marriott Resort and Spa Weligama Bay.