Nawaloka Medicare (Private) Limited, which is a fully owned subsidiary of Nawaloka Hospitals PLC, will be expanding its services by constructing a six-storied building, upon a land taken on lease of 30 years.

In a stock exchange filing the company noted that “Nawaloka Medicare (Private) Limited bearing company registration number PV 93186 and having its registered office at No.23, Deshamanya H.K Dharmadasa Mawatha, Colombo 2, which is a fully owned subsidiary of Nawaloka Hospitals PLC, will be constructing a six storied building at the location of No.200, Colombo Road, Negambo, upon a land taken on long lease of 30 years.”

Further, the company stated that the construction cost of the new building, which is being undertaken by Nawaloka Medicare (Private) Limited itself, is approximately Rs.350 million and it does not exceed the threshold which amounts to a major transaction of Nawaloka Medicare (Private) Limited.

Accordingly, this building will expand the service of OPD, ETU, Pharmacy, Channel consultations and inward patient rooms.

The construction will commence on 10 July 2020 and is estimated to be completed by June 2021.