ECONOMYNEXT – Singapore’s Somap International Pte Ltd. is buy a 51% stake in Sri Lanka’s Anilana Hotels & Properties through an issue of new shares, a stock exchange filing said.
Anilana Hotels & Properties said it was in talks with Indian Ocean Group Pte Ltd. on behalf of their advisory client partner Somap International to invest up to 51% in the firm.
Somap International is to make a total investment of Rs667 million for 513 million shares at Rs1.30 each in Anilana Hotels & Properties subject to regulatory and shareholder approvals.
Anilana Hotels & Properties said it had sought fresh capital to reduce borrowings and complete existing projects.
Indian Ocean Group was now doing a due diligence of Anilana Hotels & Properties, the statement said.
Somap International started as shipping and trading company, particularly in ship reyling, but has diversified in to hospitality and real estate among other businesses like commodity trading, ecommerce, dairy and retail.
(COLOMBO, June 27, 2017)