Sep 27, 2016 (LBO) – Sri Lanka’s Citrus Leisure has proposed restructuring its group subject to the relevant regulatory approvals, the company said in a stock exchange filing.
The board has decided to dispose company shares in Waskaduwa Beach Resort (CITW) in exchange for Hikkaduwa Beach Resort (CITH) shares.
It will be carried out after a voluntary offer to be made by CITH and receive shares of CITH in place of its holding in Kalpitiya Beach Resort (CITK) and Passikudah Beach Resorts (PBR) through the proposed amalgamations.
New CITH shares issued through the proposed Group Restructure will rank equal with its existing shares in issue and these shares are to be listed on the Colombo Stock Exchange.
Full disclosure is reproduced below.4621474952402_