Aitken Spence Hotel Holdings PLC (AHUN) after acquiring 33.22% (14.34 million rights shares) at a price of Rs.65 per share of the Browns Beach Hotels PLC (BBH), has offered a mandatory purchase to the balance 28.85 million shares of the Brown Beach after the subdivision yet to take place.
AHUN through rights purchase of BBH will be entitled to 43.03 million shares of the company after the proposed subdivision through the latest acquisition of 33.22% of the company.
Aitken Spence Hotel Holdings PLC (ASHH) has offered to buy all the remaining shares of Brown Beach Hotels PLC at a price of Rs.21.70 after the sub division of oneinto three shares. After the subdivision, the balance shares of the Brown Beach Hotels will stand at 86.56 million shares which is 66.78% stake in the company.
It was earlier revealed in reports that the Browns Beach Hotel ,will be demolished by end March 2011 and a new 200 room built on the same location, as the hotel is about 40 years old. Construction work will take two years for completion.
source - www.dailymirror.lk
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