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MarketScreener Homepage  >  Equities  >  COLOMBO STOCK EXCHANGE  >  HUNAS FALLS HOTELS PLC    HUNA/N0000   LK0210N00001

HUNAS FALLS HOTELS PLC (HUNA/N0000)
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HUNAS FALLS HOTELS : Sri Lanka Hunas Falls sale gets green light

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01/12/2019 | 07:34am EST

Serenity Lake Leisure (Private) Limited will be taking over Sri Lanka`s Hunas Falls Hotels Plc, buying 66.2 perent of the firm for 696.4 million rupees, a filing at the Colombo Stock Exchange said.

Ending over a week of speculation, Hunas Falls` parent Hayleys Group said it would sell the hotel, 45 minutes after the market closed on Friday.

An announcement was made on January 04 that Hayleys was considering a takeover offer from Serenity Lake Leisure and had opened the hotel`s books to the prospective buyer.

However, the Hunas Falls share started moving up in speculatory buying even before the official statement.

The firm`s share more than doubled from 79 rupees on January 02 to 160.10 rupees on Friday`s market close.

Serenity Lake Leisure will have to make a mandatory offer to purchase all shares from the remaining shareholders, Hayleys said.

At 187 rupees per share, Hunas Falls is now valued at 1.05 billion rupees, compared to a market value of 444.4 million rupees before the speculation began.

The firm has an asset base of 402 million rupees.

Hunas Falls had not made a profit in the first six months of the year.

(c) 2019 THISDAY NEWSPAPERS LTD. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
Lalin Thusith Samarawickrama Managing Director & Executive Director
Abeyakumar Mohan Pandithage Chairman
Sarath Clement Ganegoda Non-Executive Director
Sarojin Johann Wijesinghe Non-Executive Director
Jan Peter van Twest Independent Non-Executive Director
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