S’pore firm goes ahead with Rs. 667.4 m buy of 51% stake in Anilana Hotels

Singapore-based Somap International Ltd. is to go ahead with the acquisition of a 51% stake in Analana Hotels and Properties Plc for Rs. 667.4 million via a private placement.

Anilana said its Board last week resolved to raise funds from Somap to settle Rs. 559.2 million of debt and balance Rs. 108.3 million as working capital. The company has Rs. 422 million in current borrowings and Rs. 1.3 billion in non-current borrowings.

The private placement will involve issuance of 513.443 million shares at Rs. 1.30 each. Net asset value per share of Anilana is Rs. 5.80.



The current stated capital of the company is Rs. 3.86 billion represented by 493.3 million shares and post private placement Somap will hold 51% stake. 

For this the issue requires a waiver by the Securities and Exchange Commission under exceptional circumstances in terms of CSE Rule 5.4 b as well as CSE approving in principle and shareholder approval.The investment by Singapore firms was first announced by Anilana in June as part of capital enhancement measure. Then the Company said the management was in discussion with Indian Ocean Group Ltd, on behalf of their advisory client partner Somap to invest upto 51% of the capital by way of a private placement and a due diligence has begun. 

At present Anilana Managing Director Asanga Seneviratne controls over 35% stake in the company.