Aitken Spence PLC reiterates their commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion. Moreover, it is in line with Sri Lanka’s power and energy strategy to increase power generation from the renewable energy sector. This investment from Aitken Spence.
Aitken
Spence PLC reiterates their commitment to local and global sustainable
development goals by acquiring Sagasolar Power (Private) Ltd, from the major
shareholder LOLC Group for Rs. 1.4 billion. Moreover, it is in line with Sri Lanka’s power
and energy strategy to increase power generation from
Browns Investments expands Leisure Sector – Acquires Serendib Hotels
December, 17, 2020
LOLC Holdings PLC’s strategic Investment arm, Browns Investments PLC (BI), acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs.792Mn. 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.
With this investment, BI will add Club Hotel Dolphin, Hotel Sigirya, Avani Bentota Resort and Lantern Beach Collection, Mirissa along with their management companies to BI’s existing leisure portfolio, The Eden Resort & Spa in Beruwala, The Paradise Resort & Spa in Dambulla, The Calm Resort & Spa in Passikudha and Dickwella Resort & Spa, Sheraton Kosgoda Turtle Beach Resort managed by the Marriott Group and Riverina Resort in Beruwala with 375 keys, which is under construction.
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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