CHC in Maldives investment
View(s):Ceylon Hotels Corporation (CHC) controlled by Sanjeev Gardiner Group, is entering the Maldives with a planned 50-room resort entailing an investment of $ 28 million (nearly Rs. 4 billion), the company said in a stock filing. CHC’s fully owned subsidiary United Hotels Company Ltd (UHCL) has acquired a 100 per cent stake in Ceylon Hotels Maldives Ltd (CHML) for Rs. 0.7 million. CHML has obtained official approval for an equity investment of $ 11.08 million to invest in the construction of the Maldives resort, according to the announcement.
The balance funding of $ 16.62 million will be met through bank borrowing, it added, saying that the CHC Board has approved a private placement of Rs. 500 million in to UHCL by Ceylon Hotel Investment Ltd (CHI), a related party based on the independent valuation done by NDB Investment Bank. CHC will be holding 78.4 per cent of UHCL after the private placement.
Ceylon Hotel Holdings Ltd, the parent company of CHC owns the 50 per cent of CHI.
Laugfs Gas JV
Laugfs Terminal Ltd, a subsidiary of Laugfs Gas has entered into an agreement with China Huanqiu Contracting & Construction Corporation, a subsidiary of China National Petroleum Corporation, for turnkey EPC construction of the proposed Liquefied Petroleum (LPG) storage terminal project at Hambantota port with a storage capacity of 30,000 MT at the initial stage and to expand the storage capacity by additional 15,000 MT with a total investment of approximately $ 80 million Rs. 11 billion), the company said in a stock filing.
Dipped Products case
The High court of Avissawella has granted the revision application filed by the Hanwella Rubber Products Ltd, a subsidiary of Dipped Products, seeking to revise and set aside the Magistrate’s order compelling the factory to be closed. Accordingly, the factory is able to continue its operations uninterrupted adhering to the environmental protection licence, the company said in a stock filing.
Access Engineering invests
Access has invested 92 per cent in the Horizon Knowledge City Ltd (HKC) for a consideration of Rs. 575 million. HKC has been incorporated with the objective of providing higher education and university infrastructure facilities, the company said in a stock filing.