August 6, 2018 (LBO) – Singapore incorporated company SOMAP has made a mandatory offer to acquire all outstanding shares in CSE listed Anilana Hotels (ALHP).
The price of the offer is Rs1.30/share, and total outlay if all shareholders accept the offer will be over Rs600mn.
The offer is being made due to the takeover rules at the Colombo Stock Exchange, triggered due to SOMAP’s capital infusion into ALHP giving it a 51% stake in the listed company.
Aside from the public and a few institutional shareholders, the bulk of the shares subject to the offer are owned by ALHP founder Asanga Seneviratne and connected parties.
Seneviratne has been storied entrepreneur in Sri Lanka. He first came to prominence as a stock broker at Asia Securities, and later went on to control his own stock brokerage firm and finance company. He entered the hotel trade with ALHP, and was even in the media business as the former controlling shareholder of the Sunday Leader newspaper.
He has also been a prominent figure in the world of sport as the head of the Sri Lanka Rugby Federation.
It is unknown whether Seneviratne and connected parties will accept the mandatory offer, but market participants are keeping close tabs on where Seneviratne will next decide to invest.