RIL Property PLC, a developer, manager and owner of Grade A office spaces in Colombo, concluded its first annual general meeting as a Public Limited Company on July 7. The company’s recent Initial Public Offering was oversubscribed within hours of opening.
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% 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.
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. R I L has also paid a final tax free dividend of Rs. 0.10 per share for the year 2016/17.