ECONOMYNEXT – Sri Lanka’s Serendib Hotels, part of Hemas Holdings group, said it has bought a majority stake in a company owning and operating a chain of boutique villas in southern Mirissa for Rs309 million.
A stock exchange filing said Serendib Hotels had entered into a share sale and purchase agreement and shaeholders’ agreement with First Edge Investments Ltd. to buy 445,668 shares or 51.15% of Frontier Capital Lanka (Pvt) Ltd.
Frontier Capital and its subsidiary companies own and operate a collection of boutique villas under the name of ‘Lantern Beach Collection’ in Mirrisa, known for its beaches.
Subsequent to the investment, the villas will be managed by Serendib Hotels’ fully-owned subsidiary Managed by Serendib Leisure Management Ltd. under a hotel management agreement to be entered into between the parties.
(COLOMBO, September 12, 2017)