Beruwala Walk Inn gets Rs. 210 m tsunami claim; to revitalise asset

Thursday, 1 March 2012 00:22 -     - {{hitsCtrl.values.hits}}

Beruwala Walk Inn Plc (BWI) said yesterday it had received a total settlement of Rs. 209.7 million from its insurer on its tsunami claim of Rs. 215.5 million.

The company is now considering collaborating with an investment or private equity fund to revitalise the asset.The company utilsed the payment to make payments to a related company, Banyan Tree Holdings Ltd., for repayments for the refurbishment of Hotel Swanee. The net tangible assets of BWI, which were negative Rs. 186 million before the payment, are now a negative Rs. 82 million, while its net loss of Rs. 45 million has translated to a profit of Rs. 59.6 million. The company announced that after prolonged negotiation with its insurance broker, it received the final payment which was a part of the total payment of Rs. 104.7 million for property damage claims arising from losses during the tsunami.