Mon, 08 Aug 2022 Today's Paper

EPF’s indecision delays Weligama Bay Marriot sale

20 August 2018 12:10 am - 0     - {{hitsCtrl.values.hits}}

A A A

The delay in taking an investment decision by the Employees’ Provident Fund (EPF) has delayed the sale of Weligama Bay Marriot Resort & Spa to a Singaporean firm, a stock market filing by East West Properties PLC said.


EPF is said to be having little over 11 percent stake in Weligama Hotel Properties Ltd, the owning company of Weligama Bay Marriot and a subsidiary of East West Properties.


East West Properties in March said it signed a letter of intent to sell the entire stake it owned in Weligama Hotel Properties Ltd to Singapore’s HPL Hotels & Resorts Pte. Ltd.


However, a disclosure by East West Properties on Friday said HPL and their associates had indicated they were willing to buy only 100 percent ownership of Weligama Hotel Properties Ltd.


“The delay was due to the inability of the Employees’ Provident Fund (EPF) which owns 11.11 percent of the shares to come up with a valuation of their shares, despite all accounts and other details being available to EPF through their representative who is on the board of directors of Weligama Hotel Properties Ltd,” the disclosure said.


More than 80 percent of the issued shares of East West Properties is owned by businessman Nahil Wijesuriya and his children. 

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 Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

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 Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




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 Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Govt. re-recommends COVID-19 regulations: Medics, legal experts warn of vaccine expiry dates and injuries

The public has once again been advised to wear masks to prevent the spread of

8-year-old grave sexual abuse victim gets justice after 18 years

In Palawela Udaniriella, an 8-year-old girl became the victim of Grave Sexual

Covid makes a comeback!

These questions have been buzzing in our heads over the past few weeks as hea

Gas shortage could have been averted – Litro Chairman

A serious shortage of fuel, gas and other essential items as a result of the