Thu, 24 Jun 2021 Today's Paper

Singapore’s Somap to buy controlling stake of Anilana Hotels for Rs.667mn

4 October 2017 10:13 am - 0     - {{hitsCtrl.values.hits}}

A A A

Singapore-based Somap International Private Limited will invest Rs.667.5 million in Anilana Hotels & Properties PLC in return for a 51 percent stake in the debt-ridden company subject to regulatory and stock exchange approvals, the company said in a stock exchange filing. 


The deal was first announced by the company in late June which said that Somap International was conducting a due diligence on the hotel company which has never made a profit since going public in 2013. 


The company has accumulated losses of Rs.1.79 billion and had a total debt of little above Rs.2.0 billion by the end of June, 2017. 


The proceeds will be used to settle Rs.559.2 million worth of borrowings and the balance Rs.108.3 million for working capital. 


Anilana will issue 513.4 million shares at Rs.1.30 a share. The company’s share was 10 cents or 7.69 percent up yesterday to close at Rs.1.40. 


Given Anilana’s net asset value per share of Rs.5.80 as of June this year, the deal offers an upside for Somap which engages in the business of sales and purchasing ships for demolition.  


Anilana also has property, plant and equipment of Rs.4.0 billion and little under a billion rupee worth of investment properties. 

Anilana owes up to 2.59 billion to Sampath Bank with accumulated interest and the bank this June gave notices to the company saying that it would auction four properties in Nilaveli, Vakarai and Passikkudah mortgaged to the bank to recover the loans. 


But the company later said it was negotiating with the bank to reschedule the loans in default, probably with deferred repayment periods as by then the company was nearing a deal for a capital infusion. 


Anilana Managing Director, Asanga Seneviratne holds around 35 percent stake in the company. 

 

 

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


SLPP eats humble pie over fuel price hike statement

The statement put out by SLPP (Sri Lanka Podujana Peramuna) General Secretar

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



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.