East West Properties PLC, under the majority ownership of Nahil Wijesuriya, has announced its intention to delist its shares from the Colombo Stock Exchange (CSE). The decision is pending shareholder and regulatory approvals.
In a recent filing with the CSE, the company disclosed that it has arranged for Wijesuriya to buy out shares from investors wishing to exit, at a price of Rs. 16.00 per share.
Shareholders will soon receive a circular and notice for an Extraordinary General Meeting, where they will discuss the proposed delisting.
For the financial year 2022/2023, East West Properties reported revenues of Rs. 82.5 million, marking a 77% increase from the previous year. The company achieved a net finance income of Rs. 97.3 million and earned Rs. 10.5 million in dividend income from investments in quoted securities. The overall return for the financial year was Rs. 101 million.
As of the end of the 2022/2023 fiscal year, 56.83% of the company’s total assets were invested in properties, including warehouses, office spaces, and yard spaces for commercial use.
