Due to huge demand from hoteliers, government has canceled the resorts bids and hopes to lease land in this area @20Mn per acre. Citrus PLC has 78 Acre land purchased for 120Mn. Now, value of these investments have been increased in huge amounts
http://sundaytimes.lk/110206/BusinessTimes/bt01.html
http://investsrilanka.blogspot.com/2011/02/land-for-lease-in-north-east-sri-lanka.html (However he said most likely Kalpitiya would also follow the same pattern of Kuchchaveli to develop tourism infrastructure.)
2. Rumor from cseleak professor (Most of his reveals are correct)
Citrus Leisure PLC (REEF) to come up with couple of IPOs?
http://www.cseleaks.com/2011/02/citrus-leisure-plc-reef-to-come-with.html
They will keep the money collected from the right issue to future rapid expansions. Resorts will be built by money from public
3. Top shareholders of REEF reject EPL's mandatory offer
http://print.dailymirror.lk/business/127-local/35008.html
http://srilankastockpicks.blogspot.com/2011/02/top-shareholders-of-reef-reject-epls.html
Pl do a analyze and evaluate the share price before investing