Millennium Housing negotiating Rs. 434.5 m settlement plan after action by Sampath Bank

Millennium Housing Developers PLC yesterday revealed that it is negotiating a settlement plan with Sampath Bank over debt recovery action instituted by the latter on Rs. 434.58 million outstanding.  The Company said the Bank has adopted a resolution for debt recovery action against 03 properties owned by subsidiaries MC Urban Developers Ltd., and Millennium Housing Ltd.

“The values of the lands are higher than the loans outstanding, total loan value due to the Sampath bank of Rs. 434.58 million and total values of the lands of Rs. 1,385 million. which is equivalent to 21% of total asset value of the company. The company is in the process of negotiating a settlement plan with the bank,” Millennium Housing Developers said in a filing to the Colombo Stock Exchange.