Kalpitiya Beach Resorts denounces malicious reports

21 May 2015 03:01 am - 0 - {{hitsCtrl.values.hits}}

A A A

Kalpitiya Beach Resorts PLC (KBR PLC), a subsidiary of Citrus Leisure PLC, issuing a statement clarified its position with regard to the allegations levelled by the media.
“The proposed venture in Kalpitiya was held back due to the government’s proposed Kalpitiya Integrated Tourism Resort project replete with tourism infrastructure and attractions not being implemented to date.
Kalpitiya Beach
This factor has been clearly identified as an essential component and a potential risk in the prospectus issued for the Initial Public Offering of KBR PLC,” the statement revealed.
KBR PLC is one of the three ambitious resort ventures undertaken by the group. Two of those projects, in Hikkaduwa and Waskaduwa, were completed as scheduled and are now operational, adding 200 rooms to Sri Lanka’s tourism inventory.
It further said that the company has regularly made transparent disclosures regarding the postponement of the project via its annual reports, Annual General Meetings and disclosures to the CSE as early as December 20, 2013 and the shareholders have been regularly updated and been fully aware of the current status.
“The company has not commenced the project as planned because the desired occupancy levels cannot be achieved if KBR PLC were the only disproportionately large operator in the area, leading to potential significant financial losses,” it said.
“Moreover, at all times, the company has acted with the interest of commencing the project in a feasible manner; in fact, along with the architectural plans, all statutory approvals and permits relating to tourism, construction, environment and utilities, etc., have been obtained.”
It was revealed that the directors, management and senior executives of the parent company have made several efforts to attract potential partners who may assure guaranteed occupancy and access to new markets.
“As the last disclosure was made on 20.12.2013 and as per the Securities and Exchange Commission (SEC) directive dated March 20, 2015 requesting an EGM where KBR PLC could apprise shareholders of its financial position and pass a resolution on an alternative course of action, the company informed shareholders of the same by a circular dated April 7, 2015,” it said.
The company, guided by the SEC, is also said to be in the process of setting out a more detailed course of action to be taken up at the EGM for shareholder approval, in the near future.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

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.

Kalpitiya Beach Resorts denounces malicious reports

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

Corporal from Air Force Rugby pool killed in police shootout

23 year old youth ends up having his testicles removed

Sri Lanka defaults on USD 6 billion payment despite rising reserves: Patali

April 15 declared a government holiday

Sri Lanka’s Rupee leads emerging markets in 1st quarter of 2024

Confusion remains if April 15 is a bank holiday

MIRROR CRICKET

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

Amir, Wasim return to Pakistan national team

Sri Lanka captain quashes retirement speculation; sets sight on T20 World Cup Qualifiers

TODAY'S HEADLINES

Ruwan calls on Kotte Sri Kalyani Mahanayake Thera

Effectiveness of Sri Lanka’s legal system is questioned over alleged corruption: Chief Delegate

Public inconvenienced due to lack of transport

Ex-soldiers joining Russian military as mercenaries, Sri Lanka seeks details

Mendis, Mathews move up in ICC Test Rankings

Security raised for Champions League ties after threat

SLA target four events at Paris Olympic Games

Chamodi, Dewmi spins Sri Lanka U19 Women to big win