COLOMBO, 16 September 2026 – In a significant corporate development, C T Holdings PLC has announced the purchase of 451,030 ordinary shares of its related entity, C T Land Development PLC. The transaction, which took place on September 14, 2026, was formally disclosed to the Colombo Stock Exchange (CSE) on September 15, 2026, highlighting the involvement of common directors across both entities.
The disclosure, submitted by Company Secretary Charuni Gunawardana to the Chief Regulatory Officer of the CSE, details the nature and specifics of the share acquisition, underscoring adherence to regulatory transparency requirements.
Details of the Acquisition
C T Holdings PLC acquired 451,030 ordinary shares of C T Land Development PLC. Each share was purchased at a consideration of Rs. 38.00, valuing the total transaction at approximately Rs. 17.14 million (Rs. 17,139,140). This strategic move reinforces C T Holdings PLC’s investment in its real estate arm, C T Land Development PLC.
Disclosure Mandate and Common Directors
The transaction necessitated a disclosure under Section 7.8 of the Listing Rules of the Colombo Stock Exchange and Section 200(2) of the Companies Act No. 07 of 2007. This requirement arises due to the presence of common directors serving on the Boards of both C T Holdings PLC and C T Land Development PLC, classifying it as a relevant interest transaction.
The common directors who made the disclosure to the Board of Directors of C T Land Development PLC on September 15, 2026, include:
- Messrs. Louis Page (Non-Executive)
- Joseph Page (Non-Executive)
- Ranjit Page (Non-Executive)
- Priyan Edirisinghe (Senior Independent)
- Sanjay Niles (Executive)
- Chulantha Wickramaratne (Independent Non-Executive)
- Zakir Mohamedally (Non-Executive)
- Indira Malwatte (Independent Non-Executive)
The board of C T Land Development PLC comprises J C Page (Chairman), L R Page, S C Niles, R Selvaskandan, V R Page, Dr. T Senthilverl, P P Edirisinghe, H A S Madanayake, C Wickramaratne, Z Mohamedally, and I Malwatte. The overlap in directorships ensures that such transactions are transparently reported and managed in accordance with corporate governance best practices.
Market Implications
This share purchase by C T Holdings PLC, a diversified conglomerate, in C T Land Development PLC, a key player in the real estate sector, signals continued confidence in the property market and strategic alignment within the group. Investors will likely view this as a strengthening of the parent company’s commitment to and belief in the future prospects of its land development arm.
The announcement assures stakeholders of adherence to regulatory frameworks, reinforcing transparency in transactions involving related parties within Sri Lanka’s corporate landscape.
Source: Read original document
