ECONOMYNEXT - A delay by the Employees Provident Fund, a state-managed pension fund in coming up with a price for a 11 percent stake is delaying the sale of a hotel to a Singapore based firm, East West Properties said.
In March 2018, East West said it had signed a letter of intent with HPL Hotels and Resorts Pte Ltd, Singapore to sell a 72 percent stake in Weligama Hotel Properties Ltd.
In a stock exchange filing Friday, East West said HPL Hotels had said they only want a 100 percent stake.
But fund had not come up with a valuation of their 11.11 percent stake "despite all accounts and other details being available to the EPF though their representative" who is director of the hotel, East West the filing said.
No offer price was mentioned in the filing.
In March 2018, East West said it had signed a letter of intent with HPL Hotels and Resorts Pte Ltd, Singapore to sell a 72 percent stake in Weligama Hotel Properties Ltd.
In a stock exchange filing Friday, East West said HPL Hotels had said they only want a 100 percent stake.
But fund had not come up with a valuation of their 11.11 percent stake "despite all accounts and other details being available to the EPF though their representative" who is director of the hotel, East West the filing said.
No offer price was mentioned in the filing.
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