Tue, 22 Jun 2021 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. 

See Kapruka's top selling online shopping categories such as Toys, 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.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, 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.

 

 

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


GSP+: Isn’t there a way out?

The European Parliament’s resolution on Sri Lanka on June 10 was the second

Is Litro Gas above the regulator?

After an in-house battle among members of the top management of the Consumer

Statistical blunders expose administrative weaknesses

Information helps save lives and during a pandemic a free-flow of vital, accu

Vavuniya tusker’s demise DID TOO MANY ‘COOKS’ SPOIL JUMBO’S RECOVERY?

On June 11 Sri Lanka lost another one of its magnificent tuskers that succumb



See Kapruka's top selling online shopping categories such as Toys, 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.