Hunas Falls Hotels becomes diversified corporate

Thursday, 23 December 2021 00:22 - - {{hitsCtrl.values.hits}}

Serenity Lake Leisure Ltd., which owns a 94% stake in Hunas Falls Hotels PLC, will infuse capital through its equity in the form of shares it owns in other companies to the value of Rs. 4.25 billion. It will be reflected in the books of Hunas Falls Hotels PLC as investments.

The move is with the intention to augment the asset position of Hunas Falls Hotels and follows the Board of Directors having received legal opinion and advice on the compliance of the methodology adopted being in provision with the Companies Act of No. 07 of 2007.

The infusion of capital will not result in any issue of new shares and there will be no dilution of the minority interest.

Companies which will be owned by Hunas Falls Hotels with the infusion of capital by Serenity Lake Leisure, by virtue of Serenity’s stakes, are Hydro Power Plants Group – Eratne Power Company (30%), Kuruganga Hydro (19%), Weswin Power Galaha (20%), Amunumulla Suhada Electricity Generation Company (100%), Sustainable Energy Holdings (100%); Tea Group – Mercantile Produce Brokers (20%), Suriyakanda Plantations (100%), Rainforest Tea Factory (90%); and Hotels Group – Hunas Properties Ltd. (100%), Boulder Gardens Ltd. (90%), and Rainforest Hotels Ltd. (90%).