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Daily Mirror - LOLC Group acquires Serendib Hotels from Hemas for Rs.792mn

LOLC says acquisition is aimed at capturing post-COVID growth in tourism business
Hemas says divestment is part of group’s portfolio direction and focuses on uplifting return on equity from core segments
LOLC Holdings PLC’s strategic investment arm, Browns Investments PLC (BI), yesterday acquired the controlling stake of 55.65 percent of Serendib Hotel PLC, a subsidiary of Hemas Group, for a consideration of Rs.792 million.
With this acquisition, BI will hold 56.67 percent of voting shares and 53.48 percent of non-voting shares of Serendib.
Ishara Nanayakkara
BI’s subsidiary leisure company, Eden Hotel Lanka PLC, made the investment.
The voting shares, which amounted to 42.8 million, were bought at Rs.14.20 per share, for a consideration of Rs.608 million, while the non-voting shares, amounting to 19.2 million, were bought at Rs.9.60 a share. ....

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Sunday Times - Browns Investments acquires Serendib Hotels, expands its leisure sector

Sunday Times - Browns Investments acquires Serendib Hotels, expands its leisure sector
sundaytimes.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sundaytimes.lk Daily Mail and Mail on Sunday newspapers.

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Browns Investments acquires Serendib Hotels for Rs. 792 m

With latest acquisition will hold 56.67% of voting and 53.48% of non-voting shares
Will add range of luxury properties in both SL and Maldives
Includes lease rights to 3 islands in North Malé, Bodufaru, Kaafu Atol
Browns Investments Chairman Ishara Nanayakkara
LOLC Holdings PLC’s strategic investment arm, Browns Investments PLC (BI), yesterday acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs. 792 million, the
company said in a statement.
With this acquisition, BI will hold 56.67% of voting shares and 53.48% non-voting shares of Serendib. The investment was made by BI’s subsidiary leisure company, Eden Hotel Lanka PLC. ....

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