R I L Property PLC, a developer, manager and owner of Grade A office spaces in Colombo, successfully concluded its first annual general meeting as a Public Limited Company on July 7th 2017.The company which went for an Initial Public Offering in May was oversubscribed within hours of opening its issue.
At the AGM, R I L updated the status of the utilization of IPO funds. R I L, 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, R I L, 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 FoodbuzzPvt.Ltd., a fully owned subsidiary of R I L, 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 LKR 0.10 per share for the year 2016/17.