Kandy Hotels invests Rs. 600 m for 16% stake in Hotels Corp. subsidiary with Maldives exposure

Kandy Hotels Plc has acquired 16.1% stake in United Hotels Ltd. for Rs. 600 million. 

The stake amounts to 48 million shares and the purchase was made at Rs. 12.50 each. 

United Hotels is a subsidiary of Ceylon Hotels Corporation. It owns 100% of Ceylon Hotels Maldives Ltd, which owns 100% of Handhuvaru Ocean Holidays Ltd, the Maldivian venture.