Sri Lanka Spence buys Browns hotel shares

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.
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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.

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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.
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The total project cost of the new resort is estimated to be in the region of 3.

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3 billion rupees.
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