Sri Lanka Spence buys Browns hotel shares

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

Mar 15, 2011 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings has increased its stake in Browns Beach Hotels, one of the island’s oldest beach resorts which is to be demolished to make way for a new hotel, a statement said. Aitken Spence Hotel Holdings bought 10,000 shares at 21 rupees each, a stock exchange filing said.

According to the last annual report it had over 2.75 million shares or 28.7 percent stake in Browns Beach which is being closed at the end of this month to be replaced by a 200-roomed hotel.

The total project cost of the new resort is estimated to be in the region of 3.3 billion rupees.