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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Palm Garden & Riverina to amalgamate to build new hotel

Palm Garden & Riverina to amalgamate to build new hotel

2 posters

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
LOLC Leisure paving way for 500-room luxury property

Palm Garden Hotels PLC, a member of the LOLC group, is planning to amalgamate with Riverina Hotels PLC, also a member of the group, to optimize the use of the assets of both companies to facilitate the construction of a 500-room international star rated hotel, Palm Garden announced last week through a Stock Exchange filing.

Both Palm Garden and Riverina owning hotel properties along the Golden Mile at Beruwala are operated under the banner of LOLC Leisure, a member of the LOLC group, which some months ago acquired control of properties previously owned by the Confifi Group.

Palm Garden’s Stock Exchange filing said that the proposed amalgamation for which CSE and shareholder approval will be sought will be by the issue of Palm Garden shares in exchange for Riverina shares with every two Riverina shares receiving one Palm Garden share.

This would result in approximately 14.2 million Riverina shares being converted with Palm Garden currently having 7.2 million shares in issue going up to 14.3 million issued shares.

Palm Garden has announced that at the conclusion of the amalgamation, the continuing company will be Palm Garden Hotels PLC and the new hotel will be built under a wholly owned subsidiary of Palm Garden Hotels PLC to enable the company to qualify for BOI incentives.

Riverina Hotels PLC has also disclosed this pending transaction in a separate Stock Exchange filing.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60047

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Without much notice PALM has been collecting slowly. Very good support at these levels. If you can hold a share for 18 months, this is one of the best.

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
People take time realise the true potential of this company.
This is gonna be the biggest resort in Sri Lanka

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is moving at the right direction.

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@skyfall wrote:This is moving at the right direction.
http://www.cse.lk/cmt/upload_report_file/529_1401441035881.pdf
Impressive results. Still trading at half of NAV.
This will be the biggest resort in Sri Lanka soon.

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