Citrus Kalpitiya plan gets shareholder nod

The shareholders of Kalpitiya Beach Resort PLC unanimously approved the plans of the board of directors to build 60-room Ayurveda and Spa Resort as an alternative first phase of development of ‘Citrus Kalpitiya’, during an Extraordinary General Meeting (EGM) held last week.

“The Ordinary Resolution set out in the Notice of Meeting in regard to the alternate plan was unanimously adopted by the shareholders at the said meeting,” a company statement said.

The Securities and Exchange Commission (SEC) had earlier called on the company to hold an EGM before May 10 to bring into account the plans for the Rs.283.5 million public funds raised through its Initial Public Offering (IPO) in 2011.

Following Kalpitiya Beach Resort setting an EGM date of May 8, the SEC notified that the EGM must be postponed until the shareholders are notified of a more precise business plan.

The board of directors of Kalpitiya Beach Resort, in a notice to the shareholders, said that the resort, which was to be built in Kalpitiya, was delayed, as the government’s flagship tourism project in Kalpitiya was delayed respectively as well.