Presidential opening for Rs. 2.7 b five star Citrus Waskdauwa

Thursday, 3 April 2014 00:43 - - {{hitsCtrl.values.hits}}

President Mahinda Raja-paksa is scheduled to ceremoniously open Citrus Waskaduwa, the latest 150-room five-star class resort, on Sunday. Economic Development Minister Basil Rajapaksa will be the Guest of Honour. The company has invested Rs. 2.7 billion to build the resort with added luxury, upgraded facilities including four new restaurants, expanded banquet/conference facility to cater to 200 pax, an outdoor amphitheatre on an adjoining 80 perch land and new amenities to provide a high-end hospitality offering. Originally it was to be a four-star resort to be built at Rs. 1.8 billion. However, to better harness the prospects for luxury hospitality the resort was upgraded to a five star. This and cost over-runs pushed the cost by a further Rs. 900 million. Citrus Leisure owns a 59% stake in Citrus Waskaduwa and Vallibel One PLC holds a 20% stake.

George Steuart buys 27.6% stake in Citrus Leisure

George Steuart and Company Ltd. yesterday bought a 27.57% stake in Citrus Leisure Plc for Rs. 398 million. The stake amounting to 25.65 million shares was done at Rs. 15.50 per share. The shareholding was that of Divasa Equity Ltd., pledged with Pan Asia Banking Corporation (PABC).