All Sri Lanka’s Hunas Falls stockholders get offer from Japan-backed Serenity Lake Leisure

ECONOMYNEXT – Serenity Lake Leisure (Private) Limited which gained control of Sri Lanka’s Hunas Falls Hotel Plc on January 14 made an offer to purchase all remaining shares at 187 rupees, the company said.

Serenity Lake Leisure (SLL) said it will buy any shares purchase Hunas Falls shares for 187 rupees per share, which was the price at which the firm was bought over.

On Thursday, 11.4 percent of the firm’s shares changed hands in negotiated trades for 187 rupees per share, which was the same price as the controlling shares.

Serenity Lake Leisure is owned by TAD Lanka Holdings (Private) Limited, which was founded in 2016 by Toshiaki Tanka, Atheeq Ansar and Dhanuka Samarasinghe with Japanese funds to invest in diverse interests.

SLL bought 66.20 percent of Hunas Falls shares from the Hayleys Group for 696.4 million rupees, paying more than double the price of 79 rupees on January 02.

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 take-over.

The firm has an asset base of 402 million rupees. (Colombo/Jan17/2019)

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