ECONOMYNEXT – Singapore-based Somap International (Pvt) Ltd has agreed to 667 million rupees to Anilana Hotels and Properties, acquiring more than 50 percent of the company, subject to regulatory approvals.
Anilana Hotels said Somap International will buy 513 million shares at 1.30 rupees each, which was higher than the current 493 million shares in issue, the firm said in a stock exchange filing.
Anilana will use 559 million rupees to repay overdue debt and use 108 million as working capital.
The private placement requires approval from Sri Lanka’s Securities and Exchange Commission and shareholders, the firm said.
Somap International buys and sells ships for their owners including for demolition and breaking according to its website. (Colombo/Sept27/2017)