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By Duruthu Edirimuni ChandrasekeraView(s): Mr. Ishara Nanayakkara, BI Chairman Betting long-term on the revival of the tourism industry, the country’s fastest growing conglomerate, LOLC Group’s strategic investment arm, Browns Investments PLC’s (BI) subsidiary Eden Hotel Lanka PLC on Tuesday bought a controlling stake of 55.65 per cent in Serendib Hotels PLC from Hemas Holdings PLC. BI officials told the Business Times that LOLC is focused on expanding in the hotel sector in Sri Lanka and the Maldives. “We expect a revival in the tourism sector post COVID-19. This purchase was targeted at long-term revival of the tourism sector in the country,” one official said. ....
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. ....
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.
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. ....