Access Engineering to buy 80% stake in Access Projects for Rs. 1 b
Tuesday, 30 September 2014 01:56
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Access Engineering Plc (AEL) said yesterday it will acquire an 80% stake in Access Projects Ltd., for Rs. 1 billion.
The stake will be purchased from Access International Ltd. (50%) and D.D. Srilath Ferdinando (30%). Access International Ltd. is 100% owned by AEL Chairman Sumal Perera.
Established in 23002, Access Projects Ltd. is a leading contractor in the leisure-related building industry.
It is ICTAD C1 graded (Institution for Construction Training and Development) for building construction and F1 graded for total interior and aluminum works, both being the highest ICTAD grading.
The company operates under three divisions – construction, aluminum and ceiling. It is the only manufacturer of metal ceiling panels in Sri Lanka and is the sole franchiser of Aluk Italy proprietary aluminum doors, windows and curtain wall systems.
“Whilst the acquisition is very lucrative and has synergies with the core business, it will enable AEL to enter the highly-growing and promising leisure sector, adding a complimentary segment to its business,” AEL Managing Director Christopher Joshua said.
As at 30 June 2014, AEL had Rs. 20.35 billion in Group assets and Rs. 18.45 billion at Company level. Retained earnings were Rs. 6.35 billion (at Group) and Rs. 5.66 billion (Company).
In the first quarter of FY15, AEL Group made a net profit of Rs. 557 million and Company after tax profit was Rs. 503 million.
