Saturday August 24, 2019

Sri Lanka's Aitken Spence to sell Rs.1bn Maldivian island

Aug 08, 2019 13:44 PM GMT+0530 | 0 Comment(s)

  The Raafushi Island off the Noonu Atoll in the Maldives. Source: Google Maps/CNES/Aitbus.

ECONOMYNEXT- Sri Lanka's Aitken Spence Hotel Holdings Plc (AHUN) will be selling the lease rights to a Maldivian Island valued at 953 million rupees, the firm said.

AHUN, in its interim financials, said that its subsidiary Ace Resorts Pvt Ltd will be disposing the lease of the Raafushi island in the Noonu Atoll.
The balance sheet of AHUN showed the asset valued at 953 million rupees.
The 45.25 acres island, was leased by Ace Resorts from the Maldivian government for 668.5 million rupees (5 million US dollars) in 2015, the firm said in its annual reports.
It was the sixth island for which AHUN had acquired lease rights.
AHUN then had plans to finish construction of a resort in the island within two to three years.
However, the 2019 annual report of the firm showed the island "earmarked for the construction and development of a resort".
This year, the firm said that it will be pursuing an asset light strategy going forward.
AHUN said that it will look to manage properties in all of its operating countries (Sri Lanka, Maldives, Oman and India) instead of building and owning its own hotels. (Colombo/Aug08/2019)


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