Sunday Nov 24, 2024
Sunday Nov 24, 2024
Tuesday, 17 October 2023 01:40 - - {{hitsCtrl.values.hits}}
Vidullanka PLC Board of Directors has resolved to amalgamate its fully owned subsidiaries, Lower Kotmale Oya Hydro Power Ltd., Udawela Hydro Ltd., and Rideepana Hydro Ltd., with the parent.
The amalgamation is to be carried out without any considerations, and as per the provisions of Section 242 (short form amalgamation) of the company’s Act No. 7 of 2007.
Each of the subsidiary companies owns and operates one mini hydro power plant whilst the parent company, Vidullanka PLC owns and operates three more mini hydro power plants.
The Lower Kotmale Oya Hydro Power Ltd., owns and operates the 4MW Lower Kotmale Oya MHPP.
Udawela Hydro Ltd., owns and operates the 1.4MW Udawela MHPP and Rideepana Hydro Ltd., owns and operates the 1.7SMW Rideepana MHPP.
The amalgamation will result in the business operations of all six mini hydro power plants brought under Vidullanka PLC representing a total installed capacity of 14.2SMW.
Having developed hydro, solar and dendro power plants in Sri Lanka in addition to two hydro power plants overseas, Vidullanka PLC said it is focusing on restructuring its operations in the hydro power segment to focus on operational efficiencies, enhanced sharing of resources and performance monitoring.
These amalgamations will result in Vidullanka PLC operating the Lower Kotmale Oya MHPP, Udawela MHPP and Rideepana MHPP directly and the supply of electricity generated to the National Grid. Given the fact that Vidullanka PLC is already operating three similar power plants (Bambarabatuoya MHPP, Batathota MHPP and Wembiyagoda MHPP), the amalgamation is not expected to result in any material changes to the business affairs of Vidullanka PLC.
