Citrus Leisure unveils new brand

• Ambitious new Board finalises plans for 328 new 4-star rooms

The Directors of Citrus Leisure Plc, formerly Reefcomber Plc, have decided to stand by original deadlines to finalise their new resort projects in Kalpitiya and Waskaduwa, following a positive response from strategic investors, both local and foreign.

The Company will shortly broad base its shareholding targeting high networth individuals, in order to finalise investments in the new projects.

Citrus Leisure has already started working with renowned architect Murad Ismail on designing both properties.  

Citus Leisure Chairman Prema Cooray said: “Considering the strategic way forward, the Board felt it was Murad and his team who were ideally suited to bring in the extra touch of magic to the resorts, which we foresee as being efficient revenue earners while being of high aesthetic value.”



Speaking about the newly introduced Citrus Brand, the Chairman said: “The new brand and its mnemonic were finalised after an exhaustive process, and will now be adopted across all of our collateral. The Citrus brand will be a fresh addition to the Sri Lankan hospitality offering and we believe that our simple and elegant approach will allow us to compete on a global platform, bringing pride to our beautiful island.”

The choice of ‘Citrus’ was made due to the imagery it prompts of soothing tropical freshness. Citrus Leisure focuses on waterfront properties and from a strategic brand marketing perspective, the name ‘Citrus’ offers ample opportunity for extendibility. In a new era of brand communication, the aroma of Citrus can even be used on a ground breaking 3D platform.  The vibrance associated with the name allows, for the creation of universally familiar imagery, which will naturally make the brand close to the hearts and minds of people.

Explaining the mnemonic ‘I’ in ‘Citrus’, Cooray said, ‘This symbolises the I-centred individualistic human needs – every individual’s commitment to seek and achieve individual happiness. The ultimate brand promise of Citrus Leisure is to make every ‘I’ the happiest within our brand’s world.’

The company formally took over the management of Amaya Reef on 1 January 2011, and has re-branded the resort Citrus Hikkaduwa. The property is over-booked up to mid-April 2011 and the management believes it is on track to surpass financial targets. Plans are afoot for a five month refurbishment starting May 2011. The refurbishment is being undertaken on a strict strategy of cost versus benefit and is designed to double revenue by the end of the next financial year through increased room rates and better use of common facilities.

Speaking of the new developments, Cooray said ‘Our dynamic and energetic team of young directors from diverse professional backgrounds have brought in fresh perspective and have devised these ambitious plans and deadlines.  The sentiment within the company is very upbeat considering the management strengths and can-do spirit of our team. I am supremely confident that we will achieve our targets within the stipulated time periods.’

The Board of Citrus Leisure Plc include Chairman Prema Cooray — former Chairman Aitken Spence Plc, a veteran hotelier and Directors Suresh de Mel, MD – Lanka Fishing Flies Ltd; N. Senarathne, MD – Yaathra Travels; Rajinda Seneviratne, MD – Corona Teas; Raynor Silva, MD – ABC Radio; Dilith Jayaweera, Jt. Managing Director – Triad; Varuni Fernando, Jt. Managing Director – Triad; Sarva Ameresekere, COO – Triad; and Manoj Pilimathalawe, Head of IT – Brandix.

Citrus Leisure securities dominate gainers

In an apparent re-rating of their attractiveness securities of Citrus Leisure yesterday topped the list of gainers percentage wise.

The main stock gained by 46% or Rs. 21.40 to close at Rs. 67.50 with 3.6 million shares traded whilst its warrants topped the list with a 46.8% gain or Rs. 6.70 to close at Rs. 21. Other two warrants figured third and fourth biggest gainers percentage wise ranging 44.29% and 42.37%.

Collectively securities of Citrus generated the biggest turnover of Rs. 442.3 million.

Asia Securities said Citrus saw high net worth and retail interest whilst its warrant 2019 was driven by retail activity.

Meanwhile Amaya Leisure Plc yesterday said that its management agreement with Citrus Leisure formerly known as Hotel Reefcomber has been terminated with effect from 1 January, 2011.  Accordingly the Amaya brand will not be utilised in the running of the Hotel Reefcomber in Hikkaduwa and the decision had been reached amicably between the parties.