Eden draws Rs. 363 m from LOLC

Tuesday, 25 February 2014 01:16 -     - {{hitsCtrl.values.hits}}

Eden Hotel Lanka (EDEN) in a filing to the CSE said yesterday that it has borrowed Rs. 363 million from its ultimate parent Lanka Orix Leasing Company Plc (LOLC). It said that when carrying out refurbishments to the hotel in 2013, the company from time to time sought financial assistance from LOLC, resulting in a total borrowings of Rs.363mn by end September 2013. EDEN further stated that given the incremental nature of the borrowings, the company had inadvertently overlooked the fact that the total had reached a level which required disclosure, which it made yesterday.