24 February 2011

Citrus Leisure Raises Finances for Two Hotel Projects in Kalpitiya and Waskaduwa

22nd February 2011, www.news360.lk

Two newly formed subsidiaries of Citrus Leisure PLC have raised a combined sum of Rs. 923.5 million via two private placements to build separate hotel projects in Kalpitiya and Waskaduwa.
Accordingly the Waskaduwa Beach Resort Limited, an arm of the Citrus Leisure has raised Rs. 520 million by issuing 52 million shares at Rs. 10 each.

While Kalpitiya Beach Resort Limited which also comes under Citrus Leisure, has raised Rs. 403.5 million by issuing 40.35 million shares.

The Company officials said the raising of money via two private placements concluded during last week.

Citrus Leisure PLC has invested a total sum of Rs. 1926.5 million in both the Waskaduwa Beach Resort Limited and Kalpitiya Beach Resort Limited and has the controlling stakes of both entities.

Citrus announced subsequently, Waskaduwa Beach Resort Limited and Kalpitiya Beach Resort Limited will also apply for a listing in the Colombo Stock Exchange.

Related Info :

Citrus Leisure, Formerly Hotel Reefcomber, to Build a 4 Star Resort in Kalpitiya. 150 Rooms and 28 Water Front Villas

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