Beruwala Resorts Ltd., will debut today on the Diri Savi Board of the Colombo Stock Exchange.
This is following the CSE approving the listing of 600 million ordinary voting shares via an introduction.
The reference price for listing is Rs. 4 based on the last reported audited earnings for equity holders, fixed at a price to earnings ratio of 13.5 times.
Further the private share transfers carried out during March 2012 were also done at Rs. 4. It will be the 285th listed entity on the CSE
The Company operates the four-star resort The Palms at Moragolla, Beruwala, on a 10- acre land. It has 106 rooms whilst there are plans to add a further 30 new rooms.
Owned 65% by Colombo Fort Hotels Ltd. and a further 14% by related party Sigiriya Village Hotels, Beruwala Resorts has also acquired 100% stake in BOT Hotel Services Ltd., (Bay Beach Hotel, Weligama) to fast track the aggressive growth plans. They include refurbishing the existing 60 rooms at Bay Beach Hotel and addition of 40 more rooms thereby bringing it to a four star resort.
Beruwala Resorts in FY2011 had made an after-tax profit of Rs. 175.6 million, up from Rs. 5.7 million a year earlier. Previous three years it had losses though turnover had grown to Rs. 190 million in FY11 from Rs. 39 million in FY07.
Board of Directors of Beruwala Resorts comprises A. Rajaratnam (Chairman), S.D.R. Arudpragasam, M. Thambiah, T. Theyagamurti, A.R. Peiris, Prema Cooray, S. Rajaratnam, Chrisantha Perera and Amrit Rajaratnam.
source - www.ft.lk
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