Home / Front Page/ Hunas Falls share price gains further

Hunas Falls share price gains further


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 8 January 2019 00:16

Facebook

Share price of Hunas Falls Hotels Plc continued its upward trajectory, touching an intra-day high of Rs. 160 before closing at Rs. 155.40, up by 18% as investors took speculative positions on possible sale of controlling stake by Hayleys Group.

The Rs. 23.60 gain was after 32,434 shares changed hands via 294 trades, creating a Rs. 5 million turnover. Last week Hunas Falls topped the gainers list up 63.7% or Rs. 51.30 to close at Rs. 131.80. It hit an intra-week high of Rs. 137.40. Around 85,000 shares changed hands via 516 trades for Rs. 10 million. Net Assets per share of Hunas Falls is Rs. 60.39 as at 30 September 2018, down from Rs. 63.67 a year earlier. 

Chairman of both entities, Mohan Pandithage said two major shareholders – Carbotels Ltd. and Amaya Leisure PLC – have informed that they have been approached by a prospective buyer to purchase the shareholding. This is subject to a due diligence.

Hayleys-linked companies Carbotels Ltd. holds a 50.22% stake, and Amaya Leisure has a 16% stake. The other major shareholder is Jetwing Group with 15%. The latter also managed the property until 2011. 

Company analysts said at least three parties are vying for the stake with Hayleys signing Non-Disclosure Agreements. A few months ago Jetwing had made a bid but Hayleys hadn’t found it attractive enough. 

The public holding of Hunas Falls is 31.06% held by 2,193 shareholders and if the deal goes through the eventual buyer will trigger the mandatory offer. 

Last year (FY18) Hunas Falls reported a loss of Rs. 13 million as against a profit of Rs. 3.2 million in the previous year. Industry analysts said any new buyer would be required to invest further in revamping Hunas Falls which is popular for weddings and honeymoons.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

We should sell our water

Monday, 22 July 2019

When you read the title of this article, you will probably feel disgusted with me as selling our water has been a controversial topic since a long time ago. By the way, I am talking about virtual water trade and you would be surprised to know that we


A voice of compassion amid howls of zealotry

Monday, 22 July 2019

The unrestrained freedom extended by the current regime to a bunch of saffron-clad street vendors of Sinhala Buddhist zealotry is pushing Sri Lanka once again into a cauldron of ethnic and religious convulsion. The nationwide spread and virulence of


Roger Beteille: The man who reinvented the commercial airliner

Monday, 22 July 2019

The visionary engineer, pilot and manager who led Airbus to some its most significant decisions, passed away last month. Beteille, who was the head of French aircraft manufacturer Sud Aviation’s flight testing section, was made technical director


“Sri Lanka’s future lies in producing exportable manufactured goods”: Dr. Howard Nicholas

Monday, 22 July 2019

Drawing lessons from Vietnam’s experiences The Sri Lanka-born economist attached to The Hague based Institute of Social Studies – Dr. Howard Nicholas – addressing a packed audience consisting of the alumni of the Postgraduate Institute of Manag


Columnists More