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Bansei Hikkaduwa says no mandatory offer obligations

26 August 2015 02:37 am - 0     - {{hitsCtrl.values.hits}}


In response to Mirror Business article appeared on August 21 titled “Bansei Hikkaduwa largest shareholder divests interest”, the Company Secretaries of Bansei Royal Resorts Hikkaduwa PLC (BRR) say the share transaction mentioned in the said article was carried out between related parties, and therefore an obligation for a mandatory offer does not arise. 

“The Company would like to place on record that the transaction was carried out between related parties acting inter-se.”

“Moreover, guidance was sought from the Securities and Exchange Commission of Sri Lanka prior to executing the transaction and clearance was received in writing, that such a transaction would not trigger the Code and invite a Mandatory Offer,” a statement by the Company Secretaries said.  

In a stock exchange filing, the company yesterday said BRR directors Viraj Malwana, Hiroyuki Ota Toyohiko Murakami are also directors of Hikkaduwa Hotel Holdings (Pvt) Ltd., which bought a 31 percent BRR stake from the largest shareholder Channa de Silva. 

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