Thumilan new Chairman/CEO at Kelsey Development Kelsey Development PLC yesterday announced the appointment of Sivarajah Thumilan as its Chairman/CEO, with effect from January 25, 2023. In mid-November 2022, Blue Ocean Group, controlled by Thumilan, acquired a 60 percent stake in Kelsey Development PLC from Ramesh and Prakash Schaffter for Rs.257 million. Following the acquisition, Blue Ocean Group announced a mandatory offer for the balance shares of the company, in line with the Takeovers and Mergers Code. Incorporated in 1983, Kelsey Developments provides specialist operations in real estate development through two subsidiaries, Kelsey Homes Ltd and Kelsey Homes (Central Park) Ltd. Kelsey Homes has completed over 200 projects, serving over 2,000 satisfied homeowners, creating a considerable portfolio of superior accommodation. Blue Ocean Group has been one of the prominent organisations in the fields of real estate, construction and engineering with a large customer base traced both locally and internationally. Source:-dailymirror ...
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Blue Ocean Group buys 60% of Kelsey Developments for Rs. 257m Source : ft Schaffter brothers Prakash and Ramesh exit from 35-year-old real estate developer with over 200 projects Blue Ocean Group yesterday acquired 60% stake in Kelsey Development PLC for Rs. 257 million. The stake amounting to 10.457 million shares was done at Rs. 24.60. The sellers were Schaffter brothers Praksah and Ramesh who held 30% each. With the acquisition of control, Kelsey will be a member of the Blue Ocean Group, a pre-eminent real estate conglomerate with a well-balanced portfolio, founded by top professional cum business leader Sivarajah Thumilan who is also the Chairman and CEO. Control of Kelsey was held by Janashakthi Ltd. and related parties. In September the parent Janashakthi Ltd., sold its entire stake of 85.24% or 14.85 million shares Kelsey to its ultimate shareholders Prakash and Ramesh with a view of restructuring the internal balance ...
Nov 16, 2022
Posted by eLanka admin In
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Tagged Blue Ocean Group, Janashakthi Ltd, Kelsey Development PLC, Kelsey Homes (Central Park) Ltd, Sivarajah Thumilan
Blue Ocean Group builds to last The reputation precedes the name of the construction and real estate giant Being a key player, contributing in various supply chains from labour, raw material and manufacturing and one of the most significant employment providers in Sri Lanka, the construction industry contributes 7.1% to the GDP of the country, employing more than 600,000 workers. Despite the global economic slowdown faced by the world across all industries, and the resulting dented optimism within the real estate and construction sector, the Colombo District Land Valuation Indicator (LVI) reported an overall 6.8% growth rate in the first half of 2021. Overcoming challenges The skies haven’t always been rosy. Dealing with the many hurdles that the pandemic has thrown at the global economy, the construction and real estate sector too has undergone stifling challenges that have caused many smaller players to drop out of the game. Many ...
Mar 4, 2022
Posted by eLanka admin In
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Tagged Blue Ocean Group, Colombo, global economy, Sivarajah Thumilan
Blue Ocean Group positioned financially, operationally and culturally to transform the construction and real estate industry The real estate giant is all geared up to meet any challenges from the future The COVID-19 pandemic has defied most economic predictions and taken a toll on the global economy, with a significant effect on most industries. While the world has not yet fully emerged from the pandemic, it is definitely in a better state than the previous years. This is true to most industries as well as the real estate and the construction sector which were braving the waves of uncertainty the pandemic has brought forth. Sri Lanka and its potential A country’s economy goes hand in hand with the real estate and construction industry. And particularly in Sri Lanka, the country has seen the capacity for exponential growth if concentrated on foreign direct investment. In fact, in the recent years, Foreign ...
Jan 19, 2022
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Tagged Blue Ocean Group, Foreign direct investment, Sivarajah Thumilan
