LOLC Group acquires Hemas Group’s Serendib Hotels 15 December 2020 11:57 am - 0
LOLC Group today acquired the hospitality arm of Hemas Holdings PLC in a deal worth over Rs.600 million.
Brokers said Hemas Holdings this morning divested its entire stake of 42.8 million shares of Serendib Hotels PLC, which constitutes to 56.6 percent of the issued shares of the company to LOLC Group.
The shares were purchased at Rs.14.20 each. The net asset value of Serendib Hotels PLC as at September 30, 2020 was Rs.18.78.
The acquisition will trigger a mandatory offer.
Serendib Hotels PLC owns and operates Avani Bentota Resort at Bentota, formerly known as Serendib Hotel.