Sri Lanka sate-run provident fund buys into hotel

Mar 18, 2010 (LBO) – Sri Lanka state-run Employees Provident Fund of private citizens had bought a 10 percent stake in Lighthouse Hotel, a unit of the Jetwing leisure group, a stock exchange filing said. NDB stockbrokers said the EPF, the country’s largest retirement fund, had bought 4.6 million shares of Lighthouse.

The hotel is part owned by Sri Lanka’s Hayleys group and was initiated as part of a joint thrust into the leisure sector. Hayleys is now going it alone and acquired Continental Hotel, Colombo’s oldest five star rated hotel earlier this month.