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Cash rich Associated Electrical Corporation PLC (AEC) which recently realized Rs.4.9 billion from the sale of a controlling 51% of Associated Motorways (AMW) has floated a new subsidiary, AEC Properties (Pvt) Limited, with 99.995% of the new company’s equity.
In a Stock Exchange filing AEC said that the new company will be purchasing a property of 785 perches in extent. The cost of this investment has not been disclosed.
A spokesman for AEC said that this property in Colombo, which is nearly bare, will be initially used for warehousing.
He said that AEC Properties will be looking at the purchase of real estate with a long-term development perspective.
"It would not be proper to disclose our plans which have not yet been fully formulated before they are communicated to our shareholders," he explained.
