Financial Times

Hayleys to present strategy report next week

Hayleys PLC, which recently underwent major changes at the top, will put out a strategy report around next week in a bid to organise its business units, its chief said.“We are preparing the strategy report at present.

It will be out in a week and at the most about 10 days. At present I am having discussions and brainstorming sessions with my working and non-working directors together with all divisional heads in order to ‘organise’ our business units,” Hayleys Chairman Mohan Pandithage told the Sunday Times FT.

The new chairman, who is a little more than 30 days in the job after replacing former chairman Tanky Wickremaratne, did not comment on whether Hayleys will shed some of its non-performing businesses.
But sources close to the company said they have already identified such businesses which they are planning to sell.

Mr Pandithage said the (impending) vacancy of Richard Ebell, who announced his resignation from the board with effect from end October, will be discussed at the next board meeting. Mr Ebell, a long-standing director of the group, announced his resignation to the board last Friday.

In a possible plan to partly exit from the leisure sector, the company recently shed its stakes in boutique hotel Vil Uyana and Seashells Hotel which it owned with the Jetwing group. Jetwing and Hayleys now own six hotels –Tropical Villas, Jetwing Beach , Hunas Falls and Lighthouse.

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