Saturday, 27 June 2020 07:37

Treasury decides to de-list Hotel Developers PLC

The sole shareholder Secretary to the Treasury has decided to de-list Hotel Developers (Lanka) PLC, the owning company of Hilton Colombo. The move is by way of a Special Resolution subject to the approval of the Securities and Exchange Commission.

It was also resolved that Secretary to the Treasury will continue to hold 100% of the issued shares post de-listing and the obligation on the part of the company in terms of the de-listing rules to arrange a purchaser of Treasury Secretary’s shares will not be necessary.

Hotel Developers was brought under the Treasury Secretary along with several other state entities via ‘The Revival of Underperforming Enterprises’ or ‘Underutilised Assets Act No. 43’ in 2011 during the Mahinda Rajapaksa presidency. In June last year, the Parliament passed a Bill to repeal the Act.

(FT)

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