Longstanding director cum shareholder Channa de Silva has exited Bansei Royal Resorts Hikkaduwa Plc yesterday.
This is following Channa selling 10% stake or 5.37 million shares in the company at Rs. 10.20 each in a deal worth Rs. 55 million.
The block was bought by Bansei Royal Resorts Non-Executive Director Viraj Malwana. A related party Hikkawuwa Hotel Holdings Ltd., last week bought 31% stake or 16.65 million shares in the Bansei resort at Rs. 11 per share. The seller was Channa. On 10 August, Channa sold 10% stake at Rs. 10.80. With yesterday’s sale he has exited the company. As at 31 June 2015, Channa held 27.4 million shares or 51% stake.
Bansei, which is a Japanese securities firm, has invested around Rs. 150 million in the Hikkaduwa resort in acquiring additional stake. Previously it held a stake of 39%. Bansei Royal Resorts runs a 30-room Budget hotel Bansei by Hotel J managed by Jetwings.