Financial services firm Pine Capital Group has signed a memorandum of understanding (MOU) with the Provincial Council of the Eastern Province of Sri Lanka to invest in and develop an extent of land in Eastern Province, Sri Lanka.
Pine Capital said it envisions an integrated hospitality and lifestyle township comprising luxury resorts, hotels, serviced apartments, an international fashion design institute and a convention centre to cater for fashion and lifestyle events.
The total investment amount in the project, called Project Beacon, is conservatively expected to be at least US$3 billion.
Pine Capital said in a Singapore Exchange filing: "The board considers that the MOU, in line with the group's business strategy, expansion plan and diversification of its core business to include project management, will offer a good opportunity for the group to broaden its business, revenue base and generate direct cash flow to the company in the future."