Ricky Mendis ups Serendib Hotels stake to 10% with Rs. 45 m buy

Thursday, 3 October 2013 00:49 -     - {{hitsCtrl.values.hits}}

High net worth individual investors Ricky Mendis has increased his stake in Serendib Hotels Plc to 10% with a fresh investment of Rs. 45 million. As at June 2013, Mendis had 5.45 million shares or 7.22% whilst on Tuesday he picked up over 2% stake in addition to collecting a few more shares to round it up to 10%. On Tuesday 1.6 million Serendib Hotels shares were done at Rs. 28, up from Rs. 4. Yesterday Serendib Hotels saw 135,500 shares traded for Rs. 3.8 million with the stock price closing at Rs. 28. Major sellers on Tuesday included David Pieris and Employees Trust Fund. This is first major investment in the listed firm of the leisure sector and analysts said the move reflects his confidence both in the company, managed by Hemas and the tourism sector in general. The Serendib Leisure Hotels Group comprises Serendib Hotels PLC and its subsidiaries Dolphin Hotels PLC, Sigiriya Hotels PLC and Serendib Leisure Management Ltd. The Group currently manages Avani Bentota Resort & Spa, Avani Kalutara Resort, Club Hotel Dolphin and Hotel Sigiriya with a consolidated inventory of 410 keys. Leisure Asia Investments Ltd. owns 28.14% and Hemas Holdings Plc holds 21.8% whilst Lodging Investment (Labuan) Ltd. holds 19.8%.