RIL Property gears up for expansion
From left: RIL Property PLC Independent Non-Executive Director R.A. Ebell, RIL Property PLC Finance Director L.W.D Abeyarathne, RIL Property PLC Chairman S.G Wijesinha, RIL Property PLC CEO L.K.A.H. Fernando, Independent Non-Executive Director A.D.E.I. Perera and Independent Non-Executive Director C.G. Ranasinghe
RIL Property PLC, a developer, manager and owner of Grade A office spaces in Colombo, successfully concluded its first annual general meeting (AGM) as a public limited company recently.
The company, which went for an initial public offering (IPO) in May, was oversubscribed within hours of opening its issue.
At the AGM, RIL updated the status of the utilization of IPO funds. RIL, the proud owner of Parkland, a Grade A office complex located in the heart of Colombo, achieved 100 percent occupancy recently and is focused on developing additional high-quality office spaces within the Central Business District (CBD) of Colombo.
As a first step, RIL has already commenced the refurbishment of the Readywear building adjacent to its flagship Parkland and is set to increase its Grade A office space supply.
In addition, the company also expects to expand the operations of BreadTalk, which is a global franchise operated locally by Foodbuzz (Pvt.) Ltd, a fully-owned subsidiary of RIL, by establishing more outlets and introducing innovative lifestyle bakery goods to the local market. RIL has also paid a final tax-free dividend of Rs.0.10 per share for the year 2016/17.
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