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LOLC Group acquires Hemas Group’s Serendib Hotels

15 December 2020 11:57 am - 0     - {{hitsCtrl.values.hits}}

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LOLC Group today acquired the hospitality arm of Hemas Holdings PLC in a deal worth over Rs.600 million.

Brokers said Hemas Holdings this morning divested its entire stake of 42.8 million shares of Serendib Hotels PLC, which constitutes to 56.6 percent of the issued shares of the company to LOLC Group.

The shares were purchased at Rs.14.20 each. The net asset value of Serendib Hotels PLC as at September 30, 2020 was Rs.18.78.

The acquisition will trigger a mandatory offer.

Serendib Hotels PLC owns and operates Avani Bentota Resort at Bentota, formerly known as Serendib Hotel.

Meanwhile, Serendib Hotels PLC is the major shareholder of Hotel Sigiriya PLC, which owns Hotel Sigiriya in Sigiriya and of Dolphin Hotels PLC, which owns Club Hotel Dolphin in Waikkal.

The company fully owns and operates Frontier Capital Lanka (Pvt) Ltd., which owns the Lantern Beach Collection in Mirissa.

Serendib Leisure Management Limited, a fully owned subsidiary of the company, manages all the above properties.

It also has a 5.9 percent stake in Jada Resort & Spa (Pvt) Ltd, which owns Avani and Anantara Kalutara Resorts in Kalutara.

LOLC Group is headed by dynamic business leader Ishara Nanayakkara.


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Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

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