Serendib Land Ltd., owners of the Slave Island premises occupied by CTC Eagle Insurance Co. Ltd has finalised a new agreement with their tenant under which the company's rental income for five years, beginning April 1997, has been fixed, shareholders have been told.

Serendib Chairman, Asker. S. Moosajee, has also reported that the period during which concessionary rates and taxes payable to the Colombo Municipal Council and the company's tax free period had also ended.

"Therefore there is nothing significant to report on except to say that the property is well maintained,'' he said.

The company had a rental income of Rs. 6.9 million for the year ended March 31, 1998, up from Rs. 4.8 million a year earlier. It also had an interest income of Rs. 0.3 million during the year under review. It's pre-tax profit was Rs. 5.6 million, down from the previous year's Rs. 7.5 million.

The after tax profit of Rs. 3.8 million compared with Rs. 7.5 million the previous year when there was no tax liability.

The directors have proposed a first and final dividend of 10%. They have said that both the results and the year-end financial position were satisfactory.

Serendib has an issued share capital of Rs. 36 million. Its major shareholders are CTC Eagle (22.24%), Gitanjali Group (Pvt) Ltd. (18.89%), Gee Gees Properties (Pvt.) Ltd. (17.05%) and Gitanjali Gajaluckshmi (Pvt.) Ltd. (17.06%).

The directors of the company are Messrs. Asker. S, Moosajee (chairman and managing director), Dr. K. Poologasunderam, A.M. de S. Jayaratne, R. Senathirajah, G.G. Ponnambalam, Dr. (Mrs.) Y. Ponnambalam, Dr. (Mrs.) V. Sivaprakasapillai, Dr. B. Sivaprakasapillai and Anil. G. Wickramasinghe.