SEC approves Citrus Group restructure

The Securities and Exchange Commission (SEC) has approved the restructure of the Citrus Group, which includes Citrus Leisure Plc, Hikkaduwa Beach Resort Plc, Waskaduwa Beach Resort Plc, Kalpitiya Beach Resort Plc and Passikuddah Beach Resorts Ltd.

Citrus Leisure Plc said the SEC has granted approval to the application made by Hikkaduwa Beach Resort (CITH) to issue new shares of CITH as part of the restructuring plan of the Citrus Group. 

This will be done by way of a private placement to the shareholders of Kalpitiya Beach Resort (CITK) and to the sole shareholder of Passikudah Beach Resorts Ltd. and the issue of shares to the shareholders of Waskaduwa Beach Resort (CITW) accepting the proposed voluntary offer. 

CITH expects to complete the amalgamations and voluntary offer, subject to required regulatory approvals, by mid-January 2018.