Lankem Developments goes for new focus; name

The Board of Directors of Lankem Developments Plc has resolved to change the nature of the company’s principle business from construction and engineering to an investment holding company to make investments in the leisure, hydro power and the plantation sector.

The company also plans to change its name from Lankem Developments Plc to Consolidated Tea Plantations Plc.

It will adopt new articles of association to facilitate this and has called for an extra ordinary general meeting to obtain shareholder approval on 5 January 2012.

The company’s shares closed at Rs. 13.30 yesterday.