Vallibel One snaps up Fortress Resorts stake for Rs. 730 m in related-party deal

Friday, 23 October 2026 05:05 - - {{hitsCtrl.values.hits}}

Buys 31.34% from concert parties Vallibel Leisure and Dhammika Perera at Rs. 21 a share
Direct holding rises to 49.93%; group stake with LB Finance, Royal Ceramics crosses majority at 53.89%

Vallibel One PLC has acquired 31.34% of The Fortress Resorts PLC for about Rs. 730 million from two related parties, raising its direct holding in the hotel company to 49.93%.

The diversified conglomerate bought a total of 34,747,249 shares from two concert parties through market transactions on 21 October, 2026, the company said. Concert parties are investors acting together under an agreement or understanding, and in this case all three counterparties to the deal are related.

Vallibel Leisure Ltd. sold 24,417,932 shares, or 22.02% of The Fortress Resorts’ issued ordinary shares, for about Rs. 513 million, while Dhammika Perera sold 10,329,317 shares, or 9.32%, for about Rs. 217 million. Both blocks were sold at Rs. 21 per share.

The purchase lifts Vallibel One’s direct stake from 18.59% to 49.93%. Together with the existing holdings of its subsidiaries L B Finance PLC and Royal Ceramics Lanka PLC, the group’s shareholding in The Fortress Resorts now stands at 53.89%.

Fortress Resorts reported net assets of Rs. 19.84 per share as of end-June 2026. MJF Holdings was the single largest shareholder at that date with a 25.81% stake, followed by Vallibel Leisure (22.02%), Vallibel One (18.59%) and Dhammika Perera (9.32%) and LB Finance (3.65%).