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| Hemas Holdings Group CEO Kasturi Chellaraja Wilson
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In line with Hemas’ portfolio strategy of focusing on its core sectors of Consumer, Healthcare and Mobility, Hemas Holdings PLC (HHL) yesterday said it had divested its shareholding in Serendib Hotel
PLC to Eden Hotel Lanka PLC, a subsidiary of LOLC Holdings PLC, for a total consideration of Rs. 791.7 million.Serendib Hotels PLC is the majority shareholder of Dolphin Hotels PLC, Hotel Sigiriya PLC, Serendib Leisure Management Ltd., Frontier Capital Lanka Ltd. and Sanctuary Resorts Lanka Ltd.
HHL will continue to hold a few Leisure sector assets, which includes its investment in Anantara Peacehaven Tangalle Resort, the company said in a statement,
The Group also recently reduced its exposure to its Travel and other Aviation Representation businesses, by selling a majority stake of these businesses to its senior management team.
“In line with the Group’s portfolio direction and focus on uplifting return on equity from the core segments, we have made a strategic decision to increase investments within our Consumer, Healthcare and Mobility sectors. We are confident that Eden Hotel Lanka PLC, a part of the LOLC Group, a respected leader in the corporate and leisure sector, is a strong parent company for Serendib Hotels PLC. This divestiture will no doubt be in the interest of the growth of Serendib Hotels PLC, as well as its employees. This transaction will be accretive to Hemas’ earnings per share and return on equity going forward,” said Hemas Holdings Group CEO Kasturi Chellaraja Wilson.
She added: “Despite the challenges we faced amidst the COVID-19 pandemic, all our core businesses have shown resilience during the first half, and we anticipate the momentum to continue. The Group has plans to expand and invest aggressively in the core sectors in the coming years.”
Asia Securities Advisors Ltd. acted as sole advisors to Hemas on this transaction.
Established in 1948, Hemas started with a simple intent: to help families live healthfully. This core belief has informed our growth for over 72 years. Today, as a leading public quoted company with over 6,000 employees, we bring healthful living to life through a portfolio of world-class products and services in the Consumer, Healthcare and Mobility sectors.
Woven into the socioeconomic fabric of Sri Lanka, Hemas has also expanded regionally with operations in Bangladesh, West Bengal and Myanmar. In its onward journey, it will continue to invest in diverse and passionate teams, create meaningful offerings, cultivate trusted partnerships, and champion a more inclusive world, so that it continues to create positive impact for all its stakeholders.
