GALADari Hotels (Lanka) PLC announced that pursuant to the Special Resolution passed by the shareholders at an Extraordinary General Meeting (EGM) of the Company held on July 6, 2023, the Agreements entered into by the Company with multinational hospitality company, Radisson Hotels Asia Pacific Investments Pte. Ltd. which amount to a Major Transaction, are effective as at 1st May 2023. The Agreements comprise a Hotel Development Services Agreement and the Hotel Management Agreement.

The HMA also includes the form of a License Agreement and Management Consultancy Agreement that may be entered into at a future date at the option of the Company. Accordingly, the Company will commence the renovation of Galadari Hotel Colombo which will be managed by Radisson under the name "RADISSON BLU Hotels GALADari COLOMBO".