Sri Lanka's Hunas Hotels bought by Serenity Lake Leisure
Jan 11, 2019 16:25 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - A controlling stake of Sri Lanka's Hunas Falls Hotels Plc, will be bought by a firm called Serenity Lake Leisure (Pvt) Ltd, for 182 rupees per share, a stock exchange filing said, valuing the hotel at 1.05 billion rupees.
The firm's share more than doubled from 79 rupees on January 02 to 160.10 rupees by Friday's market close on take-over speculation.
The firm made a stock exchange filing on January 04 that it was talking to a prospective buyer but the price was not disclosed.
Serenity Lake Leisure (Pvt) Ltd will pay 696.4 million rupees for a 66.2 percent stake of the hotel.
At 187 rupees per share, Hunas Falls is now valued at 1.05 billion rupees, compared to a market value of 444.4 million rupees before the speculation began.
The firm has an asset base of 402 million rupees.
Serenity Lake Leisure will have to make a mandatory offer to purchase all shares from the remaining shareholders, Hunas Falls Hotels parent Hayleys Plc said.
Hunas Falls had not made a profit in the first six months of the year. (Colombo/Jan11/2019)