Citrus Kalpitiya seeks to clarify Prime Minister’s Parliamentary statement
View(s):The Kalpitiya Resort Beach project that made an Initial Public Offering (IPO) two years back would be now awaiting the new government plans, clarification on a possible probe on its company and “the feasibility of an alternative location”, a stock exchange filing stated.
Prime Minister Ranil Wickremesinghe stated in Parliament on March 17 that the role of Mr. Dilith Jayaweera as joint owner of Reef Comber would have to be probed.
He said, “Take for example Dilith Jayaweera. His roles in the Colombo Land and Development Company and the Reef Comber have to be probed by the authorities.”
In this respect, the company has noted that they want to clarify in writing to Mr. Wickremesinghe, relating to comments made in Parliament concerning the company, a proposal to be taken up at an Extraordinary General Meeting (EGM) scheduled for May 8.It was highlighted that they would want to review the current status on the new government’s vision and intent to implement the development plans for Kalpitiya with clear time lines so that the company may review the appropriate time to commence the project.
In addition, they would be looking at continuing to explore possible investor interest that negate the externalities, by investors/partners who could provide the company a guaranteed occupancy, so that the compnay would not be dependent on Kalpitiya destination development as promised in the past by the government of Sri Lanka.
The company would also consider partners who would create unique marketable products that will further ensure occupancy as a standalone hotel such as golf course and theme parks.
During the meeting they would also look at taking up matters to explore the feasibility of an alternate location, within Sri Lanka and Maldives as an alternate destination to Kalpitiya for a tourism project.
Writing to the shareholders the company noted that though they raised capital through the IPO to construct the Hotel Citrus Kalpitiya, it was the delay in the development of the Kalpitiya region by the government that stalled plans to go ahead with the hotel.