Sri Lanka's Browns Investments plans to build boutique hotels on two tea estates in the island's central hills as it diversifies into the rapidly growing tourism industry.
The company, part of the Browns group, is planning a 34 roomed hotel on Ayr estate and a 58 roomed hotel on Geragama estate run by its two plantations subsidiaries, Pussellawa and Mathurata.
Ayr's 85-year-old planter’s bungalow, a replica of a Scottish castle perched on a mountain, is already being used by the company as a hotel.
"The project proposals are currently being finalised and they are expected to be operational by early 2013," Browns Investments group chief executive Murali Prakash told shareholders in the firm's annual report.
Browns Investments is also building a 150-roomed beach hotel in Kosgoda on the southern coast costing 1.5 billion rupees which is to be completed by the summer of 2013, he said.
The firm has a 30 percent stake in LOLC leisure which controls Palm Garden, Riverina, Eden and Tropical Villas hotels on the south coast some of which are being upgraded.
Browns Investment is a joint venture between Brown & Company and Taprobane Holdings.
The island's tourism industry has been growing rapidly with a sharp increase in arrivals after the end of the 30-year ethnic war in May 2009.
www.lbo.lk
Stock Statistics
Tuesday, August 30, 2011
Sri Lanka firm, officials, fined on securities offence
Sri Lanka's securities watchdog has fined Environmental Resources Inc and several officers, over a disclosure related offence, market sources said.
Sri Lanka's Securities and Exchange Commission earlier sent the firm a notice of action, over a disclosure related matter.
Under Sri Lanka's securities law, a person charged with securities fraud can agree to pay a 'compound fee' and avoid going to court.
Market sources said the company and three directors had been fined close to 10 million rupees.
A company official confirmed that it had settled with the SEC.
The SEC had earlier been probing the firm's filings that it owned stock in a platinum mine and other securities of unlisted firms. ERI late said it had sold the mining stock and remitted cash to the firm.
www.lbo.lk
Sri Lanka's Securities and Exchange Commission earlier sent the firm a notice of action, over a disclosure related matter.
Under Sri Lanka's securities law, a person charged with securities fraud can agree to pay a 'compound fee' and avoid going to court.
Market sources said the company and three directors had been fined close to 10 million rupees.
A company official confirmed that it had settled with the SEC.
The SEC had earlier been probing the firm's filings that it owned stock in a platinum mine and other securities of unlisted firms. ERI late said it had sold the mining stock and remitted cash to the firm.
www.lbo.lk
Future upside prompts Dilith to buy 10% stake in HVA Foods for Rs. 300 m
High net worth investor Dilith Jayaweera yesterday described the 10% stake bought in HVA Foods Plc for Rs. 300 million as strategic given the upside.
“I see great value in HVA Foods considering some of the initiatives undertaken in China in promoting its Ceylon tea brands as well as other plans. It was bought for strategic reasons and not for immediate trading,” Dilith told the Daily FT last night.
The stake amounting to 6.64 million shares was bought at Rs. 45 each via Dilith’s pure investment arm Divasa Equity Ltd from HVA’s 70% controlling shareholder HVA Lanka Exports Ltd.
Soon after the transaction went through many perceived it to be a ‘home and home deal.” Divasa Equity Director Varuni Amunugama Fernando also serves on the Board of HVA Foods.
HVA Foods, which has had a sensational two weeks of late, was the star yesterday as well with 25.2 million of its shares changing hands via 5,420 trades for Rs. 1.09 billion. It peaked to an all time high of Rs. 46.40 before closing at Rs. 44.80, still up by Rs. 6.30 or 16%.
Analysts said that the market had got wind of an impending deal though not necessarily involving Divasa hence HVA price gained after trading began opening at Rs. 39.10 which was its lowest. Net Asset Per Share of HVA Foods is Rs. 13 and in 2010/11 financial year earnings per shares was 69 cents.
HVA Foods’ turnover in FY11 was Rs. 561.6 million, up by 15% whilst gross profit dipped by 13.7% to Rs. 80.6 million and pre-tax profit in a similar percentage to Rs. 48.3 million. Net profit was down by 15% to Rs. 46 million over 2009/10’s figure of Rs. 54.2 million. In fourth quarter of FY11 bottom line was down by 37% to Rs. 8.3 million whilst turnover grew by 6.5% to Rs. 146.6 million.
HVA Foods which offered 19.9 m shares through an Initial Public Offering priced at Rs.16 per share in January, manufactures and markets value added tea based products, tea extract based products, tea concentrate based products and operates franchises.
Apart from deal involving HVA Foods, the rest of the market remained lacklustre. The ASI slipped 0.23 % and the Milanka Index edged up 0.01% whilst turnover was healthy at Rs. 2.6 billion.
www.ft.lk
“I see great value in HVA Foods considering some of the initiatives undertaken in China in promoting its Ceylon tea brands as well as other plans. It was bought for strategic reasons and not for immediate trading,” Dilith told the Daily FT last night.
The stake amounting to 6.64 million shares was bought at Rs. 45 each via Dilith’s pure investment arm Divasa Equity Ltd from HVA’s 70% controlling shareholder HVA Lanka Exports Ltd.
Soon after the transaction went through many perceived it to be a ‘home and home deal.” Divasa Equity Director Varuni Amunugama Fernando also serves on the Board of HVA Foods.
HVA Foods, which has had a sensational two weeks of late, was the star yesterday as well with 25.2 million of its shares changing hands via 5,420 trades for Rs. 1.09 billion. It peaked to an all time high of Rs. 46.40 before closing at Rs. 44.80, still up by Rs. 6.30 or 16%.
Analysts said that the market had got wind of an impending deal though not necessarily involving Divasa hence HVA price gained after trading began opening at Rs. 39.10 which was its lowest. Net Asset Per Share of HVA Foods is Rs. 13 and in 2010/11 financial year earnings per shares was 69 cents.
HVA Foods’ turnover in FY11 was Rs. 561.6 million, up by 15% whilst gross profit dipped by 13.7% to Rs. 80.6 million and pre-tax profit in a similar percentage to Rs. 48.3 million. Net profit was down by 15% to Rs. 46 million over 2009/10’s figure of Rs. 54.2 million. In fourth quarter of FY11 bottom line was down by 37% to Rs. 8.3 million whilst turnover grew by 6.5% to Rs. 146.6 million.
HVA Foods which offered 19.9 m shares through an Initial Public Offering priced at Rs.16 per share in January, manufactures and markets value added tea based products, tea extract based products, tea concentrate based products and operates franchises.
Apart from deal involving HVA Foods, the rest of the market remained lacklustre. The ASI slipped 0.23 % and the Milanka Index edged up 0.01% whilst turnover was healthy at Rs. 2.6 billion.
www.ft.lk
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