Brown Investments Acquires 55.65% Controlling Stake of Serendib Hotels, The Big Banana Set to Embark on AUD50 million Masterplan Over 20 Years in Australia, Tripartite Partnership to Launch Stimulus Recovery Plan Campaign in Malaysia, New MYR425 Million Ipoh Convention Centre to Boost Business Tourism.
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.
2020-12-18 07:35:34 GMT2020-12-18 15:35:34(Beijing Time) Xinhua English
COLOMBO, Dec. 18 (Xinhua) Prominent conglomerates from Sri Lanka and China on Thursday signed a landmark agreement to commence the first large scale investment in the multi-billion-dollar port city project in capital Colombo which will strengthen Sri Lanka s economy and its development sector in the international market.
The agreement was signed between Browns Investments PLC, the Strategic Investment Arm of the LOLC Group which is one of the largest and most diversified conglomerates in Sri Lanka and China Harbour Engineering Company Limited (CHEC), in the presence of Prime Minister Mahinda Rajapaksa and Ambassador of China to Sri Lanka Qi Zhenhong, to invest in the Colombo International Finance Centre (CIFC) Mixed-Use Development Project in the Colombo Port City, a statement said.
Sri Lankan, Chinese conglomerates join to invest international finance centre in Colombo Port City - Xinhua xinhuanet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from xinhuanet.com Daily Mail and Mail on Sunday newspapers.
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.