Hunas Falls up for sale; prospective buyer to carry out due diligence

Hunas Falls Hotels PLC yesterday said a prospective buyer had approached the two major shareholders of the hotel owning company to purchase their collective shareholding of 66.2 percent, subject to a due diligence.

Carbotels (Pvt.) Ltd. linked to Hayleys PLC, has a 50.22 percent stake in Hunas Falls, while Amaya Leisure PLC has a 15.98 percent being the second largest shareholder of the firm.

Both Hayleys and Amaya are controlled by billionaire businessman Dhammika Perera.   

Hunas Falls Hotels Chairman, who is also Chairman of Hayleys and Amaya Leisure, said further development of the discussions with the prospective buyer would be notified in the future if necessary.

The book value of Hunas Falls Hotels, as at September 30, 2018, was Rs.60.39, down from 63.67 a year ago.

The Hunas Falls Hotel share yesterday breached its all-time high record of Rs.137.40 and closed at Rs.155.40, up by Rs.23.60 or 17.91 percent from the previous close.

The company made a net loss of Rs.12.9 million for the FY17/18, against Rs.3.2 million net profit reported for the previous year. 

The company owns and operates Hunas Falls Hotel, which has 28 Deluxe rooms, one Cardamom Suite and two Theme Suites, in Elkaduwa, targeted at the upmarket leisure traveller.