RIL Property gears up for expansion

Wednesday, 12 July 2017 09:37 - - {{hitsCtrl.values.hits}}

From left to right: R.A Ebell - Independent Non-Executive Director RIL Property PLC, L.W.D Abeyarathne- Finance Director of RIL Property PLC, S.G Wijesinha- Chairman RIL Property PLC, L.K.A.H Fernando- CEO of RIL Property PLC, A.D.E.I Perera- Independent Non-Executive Director, C.G Ranasinghe- Independent Non-Executive Director.

R I L Property PLC, a developer, manager and owner of Grade A office spaces in Colombo, successfully concluded its first annual general meeting as a Public Limited Company on 7 July 2017.The company which went for an Initial Public Offering in May was oversubscribed within hours of opening its issue.

At the AGM, R I L updated the status of the utilization of IPO funds. R I L, the proud owner of PARKLAND, a Grade A office complex located in the heart of Colombo, achieved 100% occupancy recently and is focused on developing additional high quality office spaces within the Central Business District (CBD) of Colombo. As a first step, R I L, has already commenced the refurbishment of the READYWEAR building adjacent to its flagship PARKLAND and is set to increase its Grade A office space supply.

In addition, the company also expects to expand the operations of BreadTalk, which is a global franchise operated locally by Foodbuzz Ltd., a fully owned subsidiary of R I L, by establishing more outlets and introducing innovative lifestyle bakery goods to the local market. R I L has also paid a final tax free dividend of LKR 0.10 per share for the year 2016/17.