The Nuwara Eliya Hotels Company PLC (established in 1891) is investing Rs. 10 million in Fair View Hotel (Private) Ltd. which has launched a city hotel property in the south of Colombo by purchasing a million ten-rupee shares in that company, Nuwara Eliya Hotels said in a Stock Exchange filing on Friday.
The investment was described in the filing as a related party transaction.
It said that Mr. George Ondaatjie, the founder of Mercantile Investment and Finance PLC and his three children, Gerard, Angeline and Travis are directors and shareholders of both Nuwara Eliya Hotels and Fair View Hotel and are also directors and shareholders of Mercantile Investments, Nilaveli Beach Hotels, Royal Palms Beach Hotels and Tangerine Tours.
The rationale for the transaction is "to invest cash reserves in a viable project and increasing the holding of a valuable city hotel," the filing said.
www.island.lk
No comments:
Post a Comment