Sri Lanka listed firms to merge, build new hotel

Aug 24, 2012 (LBO) – Sri Lanka’s listed Palm Gardens and Riverina Hotels said they would merge through a share swap and the new entity would build a 500 room hotel. Investors holding 14.1 million Riverina shares would get one share of Palm Garden for every two held, the two firms said in stock exchange filings.

The merged entity would be known as Palm Garden Hotels.

The company will build a 500 room hotel through a wholly owned subsidiary allowing it to gain state investment incentives.

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