Jan 25, 2010 (LBO) - Marawila Resorts a listed Sri Lankan hotel will settle a loan of 55 million rupees due to Lankem Ceylon, another listed firm through a placement of new shares, the company said.
Lankem will get 11 million shares of Marawila Resorts at five rupees each to off set a 55 million rupee loan as at October 31, 2009, the firm said in a stock exchange filing.
Marawila Resorts has a stated capital of 701 million rupees.
Marawila Resorts opened Monday flat at 6.00 rupees per share, while Lankem Ceylon opened trading at 46.50 rupees, down 1.75.
Sri Lankan hotel sector is recovering after being hit a 30 year civil war.
source - www.lbo.lk
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