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Tuesday, March 30, 2010

Merchant Bank of Sri Lanka to invest Rs 400 m.n. for Hotel Nallur - Jaffna

Harshini Perera

Janaka Ratnayaka

The Merchant Bank of Sri Lanka PLC (MBSL) has decided to invest in the leisure sector in Jaffna, with the tourism boom there. MBSL is a premier investor in Sri Lanka. They have decided to improve infrastructure facilities in Jaffna with an investment of Rs 400 million on Hotel Nallur in Jaffna.

The venture into the hotel sector by MBSL will set standards in the tourism industry and provide adequate facilities, MBSL Chairman Janaka Ratnayaka told Daily News Business.

The hotel will be constructed on a considerable plot of land expected to be completed as early as possible to address the needs of influx of tourists to the Jaffna peninsula. “The intended investors on tourism infrastructure will take sometime to establish on their investments. MBSL expects to finish the construction of Hotel Nallur by February 2011,” Ratnayake said.

The Hotel Nallur will be a BOI approved three star city hotel with 80 luxury, deluxe rooms and suites.
It is expected to go for an Initial Public Offering in the near future. The intention of the IPO will be to invite public for the investment that MBSL has made. Hotel Nallur will create 150 job opportunities from the construction till the completion and it will be equipped with a swimming pool and vegetarian and non-vegetarian restaurants.

source - www.dailynews.lk