Ascot Holdings sells land to Excel Property Development

Ascot Holdings announced to the stock exchange that it had sold one acre, three roods and 29 perches of land at No 7, De Soysa Mawatha, Ratmalana, at a price of Rs. 152 million to Excel Property Development (Pvt) Ltd.

Ascot had Rs. 950 million worth of investment property at the end of March 2011.

The company, previously known as Asian Cotton Mills Ltd., began operations in 1967 and its core business was the manufacture of synthetic and blended yarn.

It was listed on the Colombo Stock Exchange (CSE) in 1969.

Having undergone a major restructuring programme in 2008 and converting itself to a diversified investment holding company it was renamed Ascot Holdings PLC.

Ascot Holdings’ share price fell by Rs. 4.10 to Rs. 164.80 on Monday when 16,600 shares traded.