Hemas Holdings sells Serendib Hotels to LOLC

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Hemas Holdings said it has sold a controlling stake in Serendib Hotels Plc for 792 million rupees, to LOLC’s group Eden Hotel.

Serendib Hotels is the majority shareholder of Dolphin Hotels PLC, Hotel Sigiriya PLC, Serendib Leisure Management Ltd, Frontier Capital Lanka (Pvt) Ltd and Sanctuary Resorts Lanka (Pvt) Ltd.

Hemas said it will continue to hold some leisure sector assets, including its investment in Anantara Peacehaven Tangalle Resort.

“In line with the Group’s portfolio direction and focus on uplifting return on equity from the core segments, we have made a strategic decision to increase investments within our Consumer, Healthcare and Mobility Sectors,” Hemas Holdings group Chief Executive Kasturi Chellaraja Wilson said.

“We are confident that Eden Hotel Lanka PLC, a part of the LOLC Group, a respected leader in the corporate and leisure sector, is a strong parent company for Serendib Hotels PLC.

“This transaction will be accretive to Hemas’ earnings per share and return on equity going forward.”

Asia Securities Advisors (Pvt) Ltd were advisors to Hemas.

Hemas said in a stock exchange filing that 56.68 percent of the voting shares were for 607.9 million shares at 14.20 rupees a share.

A 53.48 percent stake in non-voting shares were sold 184 million rupees at 9.60 rupees per share.

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