LB Finance invests Rs 1 b

The LB Finance PLC has received approval from the Central Bank in terms of the Finance Companies (Business transactions with directors and their relatives) Direction No 2 of 2007 to purchase a property at No 20 Dharmapala Mawatha Colombo 3 from Dhammika Perera Executive Deputy Chairman of the company. He is also the major shareholder of Vallibel One PLC, the holding company of LB Finance PLC.

The value of the transaction is Rs 788,840,000 and the 12.82 perches land will be for LB Finance head office building. The total floor area of 65,000 square feet will facilitate the company's expansion needs, a company source told Daily News.

The planned building will be one of the iconic buildings in the country where new businesses will come into play, he said. This will be a comprehensive expansion plan with an investment of Rs one billion mega project in the pipeline. (SJ)