Eden reopens after Rs. 350 m upgrade; goes for Rs. 1.5 b 6-year funding from Seylan

Wednesday, 11 December 2013 01:08 -     - {{hitsCtrl.values.hits}}

Eden Hotel Lanka Plc (EDEN) yesterday disclosed that it was going for a Rs. 1.5 billion six-year funding facility from the Seylan Bank. The move was approved by the Board of Directors at its meeting on 28 November. The disclosure was made on account of Eden Chairman Kapila Jayawardena is also a Director of Seylan Bank. The company recently acquired 99.9% of Dickwella Resorts Ltd., for Rs. 1.5 billion. In a related development, Eden also announced that the five star luxury property was reopened recently following a Rs. 350 million refurbishment, cost for which was drawn from internal excess funds. In FY2013 Eden achieved an all-time high pre-tax profit of Rs. 254.3 million as against Rs. 170.4 million in the previous year. The company was also able to settle all the working capital loans as at end FY13, which strengthened the gearing position. As at 30 September 2013, Eden had zero interest bearing short-term borrowings except for an overdraft of Rs. 17 million.