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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 55.65 % stake of Serendib Hotels

news
Browns Investments acquires 55.65 % stake of Serendib Hotels
Daily News (via HT Media Ltd.)
© Provided by Daily News (via HT Media Ltd.)
Bodufinolhu, Maldives
© Provided by Daily News (via HT Media Ltd.)
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.
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, Sher ....

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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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Daily Mirror - LOLC Group acquires Hemas Group's Serendib Hotels

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. ....

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