Access Engineering buys over 33.3% minority stake in Harbour Village for $ 19 m from CHEC

Friday, 6 June 2025 00:00 - - {{hitsCtrl.values.hits}}

Access Engineering PLC has bought over the minority stake of 33.33% in Harbour Village Ltd., for $ 19 million from China Harbour Engineering Company Ltd. (CHEC).

Following the move, Harbour Village is now a fully-owned subsidiary of Access Engineering, which previously held 66.67% stake.

The 66.67% stake amounted to 191.744 million shares and was stated at Rs. 3 billion or around Rs. 16 per share in the FY24 accounts. The CHEC stake amounts 95.87 million shares and the sale value indicates a payment of Rs. 59 per share.

Harbour Village is engaged in the development of ‘Marina Square – Uptown Colombo,’ Sri Lanka’s largest single-phase oceanfront mix development project comprising 1,088 residential condominium units.