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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Riverina Hotels to amalgamate with Palm Garden Hotels

Riverina Hotels to amalgamate with Palm Garden Hotels

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Aug 24, 2012 (LBT) - Sri Lanka’s Riverina Hotels PLC has decided to amalgamate with Palm Garden Hotels PLC, in order to optimize the use of the assets of both companies and also facilitate the construction of a 500 room international star rated hotel. The Company, in a stock market disclosure announced, that this amalgamation will be by the surrender of the shares of the company, in exchange for shares of the Palm Gardern.

The proposed ratio for exchange is two shares of the company for every one share of Palm Garden. Accordingly, 14.181,699 million shares of Riverina Hotels PLC will be converted to shares of Palm Garden Hotels PLC. PALM currently has 7,200,000 shares in issue and at the conclusion of the amalgamation, its total issues shares will rise to an amount, not exceeding 14,292,850 shares.

Once amalgamated, the continuing company will be Palm Garden Hotels PLC and the new hotel will be build under a wholly owned subsidiary of PALM. Both Riverina and PALM comes under the LOLC Liesure, which is a subsidiary of LOLC Group.
http://www.lbt.lk/news/business/2493-amalgmation

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