State agencies investing in the Colombo stock market are gradually increasing their stakes in companies like the Lighthouse Hotels Ltd (LHL) and, according to a latest report, has almost a 25 % (combined) control in the company.
As a total stake, it is slightly higher than even Jetwing Hotels Management Services (Pvt) Ltd which has a 24.20 % and manages the hotel with Hiran Cooray as its chairman.
Brokers said LHL’s loss widened by 20 % year-on-year to Rs 11. 3 million for the first quarter ending June 30, 2010. The report listed the second largest shareholder as Mercantile Investments Ltd with 14.36 %, EPF with 11.09 % and Bank of Ceylon with 9.78 %.
Among the other top 20 shareholders, National Savings Bank has a 4.13 % and Employees Trust Fund Board - 0.65 %.
Brokers said LHL’s revenue and gross profit was up but the results were hit by a sharp rise in administrative costs.