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Hirdaramani buys 10% in Ceylon Hotels Corp.

22 January 2016 05:20 am - 0     - {{hitsCtrl.values.hits}}

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The Galle Face Hotel Group’s Ceylon Hotel Holdings (Private) Limited has disposed 10 percent of its shareholding in Ceylon Hotels Corporation PLC (CHC) for Rs.515.48 million to apparel heavyweight Hirdaramani.
Hirdaramani Group company Rosewood (Private) Limited purchased 17.18 million shares of CHC at Rs.30 per share in 3 trades spread out over last December and January. 
Rosewood now owns 17.20 million shares in CHC. Following the transactions, Hirdaramani Finance Director Ranil Pathirana was appointed as a Director of CHC yesterday. Pathirana is also a director at Rosewood and Taprobane Holdings.
Taprobane Holdings PLC’s majority shareholder Ajith Devasurendra, Galle Face Group owner Sanjeev Gardiner and the Hirdaramani Group are the main shareholders of an investment vehicle named CHC Investments. CHC owns several hotels and rest houses in Sri Lanka, and is constructing a US$ 27.7 million resort in the Maldives. 
The Galle Face Hotel Group purchased CHC from the government in 2004. (CW)
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