Tuesday May 05, 2026
Tuesday May 05, 2026
Tuesday, 5 May 2026 00:20 - - {{hitsCtrl.values.hits}}
Melstacorp PLC and Aitken Spence Hotel Holdings PLC have made an exit offer to acquire shares held by minority shareholders of Browns Beach Hotels PLC at Rs. 30 per share ahead of the company’s planned delisting from the Colombo Stock Exchange (CSE).
According to the offer document dated 30 April, the offer is extended to minority shareholders who wish to sell their holdings prior to the delisting, following shareholder approval obtained at an Extraordinary General Meeting held on 10 April.
The exit offer opens today (5) and will close at 4:30 p.m. on 5 June. The offer is unconditional as to acceptances, and minority shareholders may choose to accept it in full or in part, or retain their shares.
The company reported a negative net asset value per share of Rs. 5.75 as of end-December 2025. The highest traded price for the December 2025 quarter was Rs. 28.10, while the closing price was Rs. 25.10. The public float of the company was 9.09% represented by 2,674 shareholders.
Melstacorp and Aitken Spence Hotel Holdings held a combined 78.5% stake. Stassen Exports Ltd., held 9.82%.
The company’s shares are currently under trading suspension, and upon delisting, shareholders will no longer be able to trade the shares on the CSE.
Settlement of consideration for accepted shares will be completed on or before 12 June, being within 30 market days from the record date. Payments above Rs. 100 million will be made via Real-Time Gross Settlement (RTGS) transfers, while smaller amounts will be settled through SLIPS or bank drafts.
Following the delisting, Browns Beach Hotels PLC will be converted into an unlisted public company and renamed Browns Beach Hotels Ltd., with corresponding amendments to its Articles of Association.
The exit offer provides a liquidity option for minority shareholders ahead of the transition, as the company moves out of the listed space.
