Waskaduwa Beach Resort Ltd and Kalpitiya Beach Resort Ltd, both subsidiaries of Citrus Leisure Plc, are to apply for a listing on the Colombo Stock Exchange, the parent company said in a statement this week.
This came after investments in the two companies were raised through private placements.
In the statement, Citrus Leisure - formerly Hotel Reefcomber - said it invested Rs. 880 million for 88 million shares of Waskaduwa Beach Resort representing 62.85% of the issued shares. Waskaduwa has also concluded a private placement of 52 million shares at Rs. 10 per share to raise funds to finance the construction of its hotel project.
In the case of the Kalpitiya Beach Resort Ltd, Citrus said it invested Rs 1 billion for 104 million ordinary shares representing 72.18% of the issued shares. Kalpitiya also concluded a private placement of 40.3 million shares at Rs.10 per share to raise funds to finance its hotel, the statement added.