Alliance Finance sells Rajagiriya property for Rs. 524.5 m to Iconic

Alliance Finance Company PLC has sold its Rajagiriya property to Iconic Developments Ltd. for Rs. 524.5 million.

In a disclosure to the Colombo Stock Exchange, Alliance Finance said 134.64 perches land at Obesekara Crescent, Rajagiriya Road, Rajagiriya, with a carrying value (at fair value) of Rs. 422.5 million was sold at Rs. 524.55 million. Out of this Rs 52.45 million was paid yesterday and the balance consideration will be paid within 60 days.

The buyer was Iconic Developments Ltd. or a nominated party.

Alliance Finance said the estimated positive impact to the current year’s income statement was Rs. Rs.102.6 million. 

“The completion of the transaction will be subject to fulfilment of the terms and conditions in the Sale and Purchase Agreement,” Alliance Finance added.