Hayleys PLC will look for more controlling stakes in entities that it has shareholdings in, failing which the company intends to sell off these stakes, according to officials. “Hayleys’ strategy is to control the key areas it is in. Therefore we will be targeting to control some firms that we own (non-controlling) stakes in the future - otherwise we will divest those stakes,” an official told the Business Times.

He said this strategy was adopted in a bid to make Hayleys’ a strong company. “We will also expand our key business areas such as leisure,” he added. Hayleys made a major stride into leisure when the company bought Colombo’s first 5-star hotel Ceylon Continental Hotel’s owning company, Hotel Services PLC’s majority stake of 51% last month for Rs 1.9 billion.

Hayleys’ decision to set up Hayleys Leisure Holdings (Pvt) Ltd which is its sixth sector confirms its bid to expand its reach into leisure and become the third player in the market. The official said that Hayleys is scouting for properties around the island in a bid to capitalize on the tourism boom. “We are especially looking at resorts on an own and operate basis,” he said.

Hayleys in July shed its stakes in boutique hotel Vil Uyana and Seashells Hotel which it owned with Jetwing. It also shed its stake in Lighthouse Hotel in Galle.