Singaporean Hotel Properties Limited (HPL), led by billionaire businessman Ong Beng Seng, has acquired 9,285,757 ordinary shares (a 94.71% stake) of Sri Lankan investor Nimal Perera’s Tangalle Bay Hotels (Private) Limited (TBHPL) for Rs 385 million, confirmed both companies yesterday.
HPL has acquired the hotel through its newly-incorporated associated company, West Asia Pte Ltd. HPL and their associates have already indicated that they are willing to buy 100% ownership of East West Properties PLC’s (controlled by businessman Nahil Wijesuriya family) Weligama Hotel Properties Ltd, the property owners of Weligama Bay Marriot Resort & Spa, for around US$ 65 million.
Speaking to Ceylon FT, Nimal Perera said, “The deal will conclude very shortly and I will invest that money in the Colombo Stock Exchange at the right time. Nimal Perera has recently invested Rs 250 million in local tech start-up Arimac, in exchange for 50% stake of the company.” Following the share acquisition, TBHPL will become an associated company of the HPL Group. The primary business of TBHPL is the operation and management of a hotel known as the Tangalle Bay Hotel, situated at Pallikkudawa in Kadurupokuna Village in South Giruwa Pattu of the Hambantota District in the Southern Province, Sri Lanka. The issued and paid up capital of TBHPL is Rs 177,861,380, comprising 9,803,971 ordinary shares. The balance 5.29% of the issued shares of TBHPL, comprising 518,214 ordinary shares, is held by a few other local shareholders, unrelated to the HPL Group.
According to the HPL communiqué, the share acquisition will be funded through the Group’s internal resources and/or bank financing, and is not expected to have any significant effect on the consolidated net tangible assets per share and net earnings per share of HPL Group, based on the audited consolidated financial statements of the HPL Group for the year ended 31 December 2017.
by Ishara Gamage
Article from : Ceylon Today
http://www.ceylontoday.lk/news-search/nimal%20perera/print-more/12050
Published: 2018-08-31