The Board of Directors of Property Development PLC (PDL) yesterday (25) announced that the Board has authorized the Chairman or the CEO of PDL to take all necessary steps to facilitate the transfer of shares held by PDL in Koladeniya Hydropower (Pvt) Limited (KHL), amounting to 100% of the issued shares of KHP, and to call for bids in this respect.

In a stock exchange filing, the company noted that the price at which PDL will sell the shares will be determined at a later date following the receipt of bids from prospective bidders.

Property Development PLC is a subsidiary of Bank of Ceylon (BOC).

The Company's subsidiary Koladeniya Hydropower (Pvt) Limited, builds, owns, and operates a mini hydro power plant of approximately 1,200 kilowatts capacity and delivers generated electricity to Ceylon Electricity Board National Grid.