Hemas Holdings on Tue., quit Associated Hotels Co., Ltd., the owners of Lihiniya Surf Hotel, making a Rs. 30 million capital gain in the process.
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Hemas Holdings on Tue., quit Associated Hotels Co., Ltd., the owners of Lihiniya Surf Hotel, making a Rs. 30 million capital gain in the process. Around 4.3 million shares held by four Hemas group companies, was sold at Rs. 36.50 to Associated Hotels’ majority shareholders, the Galle Face Hotel Group.
Hemas made around Rs. 156 million on the deal, but the net gain was about Rs. 30 million, said Husein Esufally, Chief Executive Hemas Holdings.
“We want to develop our other properties, like Peace Heaven….we need to trim down from somewhere,” Esufally told LBO.
Hemas is also looking at bringing its leisure units under one company. “It’s still early days, but we are seriously looking at it,” Esufally said.
The group currently has investments in Serendib Hotels, Hotel Club Dolphin and Hotel Sigiriya.
Serendib and Dolphin were partially damaged during last year’s tsunami.
The group’s leisure sector posted a Rs.
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45.9 million loss during the first six months of this year, following