Sri Lanka, July 23 -- Lanka Realty Investments PLC has divested its 50.886 percent stake in subsidiary On'ally Holdings PLC to fellow group company Lee Hedges PLC, for a total consideration of Rs.2.26 billion, the company said in a stock exchange disclosure yesterday.
The transaction, approved by the company's board of directors on July 21, involves the sale of 47,325,368 ordinary shares held by Lanka Realty in On'ally Holdings to Lee Hedges PLC, which is also a subsidiary of Lanka Realty Investments PLC.
Lanka Realty said the Related Party Transactions Review Committee had reviewed and recommended the divestment, which constitutes a non-recurrent related party transaction, under the Colombo Stock Exchange Listing Rules.
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