Ceylinco Shriram unfolds repayment plan

Ceylinco Shriram is to settle all their investors, in a repayment plan overseen by the Central Bank of Sri Lanka.

It will accordingly pay the full outstanding amount within a stipulated time period the company said yesterday.

Thus, 60 percent of the total outstanding amount will be paid within a period spanning 42 months, in accordance with the wishes of the Central Bank.

The first two parts in this payment plan have already been paid to investors who had confirmed with Ernest and Young, as required by the Central Bank, the company statement said.

The Central Bank has also given approval to sell or to find investors for the major investments and assets of Shriram, such as the Celestial Towers, Pioneer Towers and the several apartments at Trillium, as well as the Hire Drive in Battaramulla.

The Celestial Towers transaction hopes to fulfil the business plan which constitutes a 40 percent portion of the repayment plan upon realisation. Meanwhile, the Watawala Committee, appointed to oversee the successful implementation of the project has had a fruitful dialogue with the depositors and investors, as well as the management of the company, obtaining their prior to the implementation of the repayment plan.

Ceylinco Shriram remains the first company to come out with a practical payment plan, which fulfils the aspirations of its depositors the release said.