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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyFri Jan 24, 2020 7:05 am by nihal123

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» In the Meantime, Within Our Shores !
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyTue Jan 21, 2020 10:17 am by කිත්සිරි ද සිල්වා

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyThu Jan 09, 2020 9:59 pm by nihal123

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyMon Jan 06, 2020 2:41 pm by කිත්සිරි ද සිල්වා

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyFri Jan 03, 2020 11:55 am by nihal123

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyThu Jan 02, 2020 9:20 am by Admin

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyWed Jan 01, 2020 1:16 pm by smallville

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyWed Jan 01, 2020 9:29 am by The Invisible

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyTue Dec 31, 2019 6:33 pm by nihal123

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyThu Dec 26, 2019 9:23 pm by spw19721

» Thought for the day...
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyThu Dec 26, 2019 3:41 pm by Topcat

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyThu Dec 26, 2019 9:15 am by කිත්සිරි ද සිල්වා

» Why (Happy) People Cheat?
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyWed Dec 25, 2019 8:34 pm by pjrngroup

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptySat Dec 21, 2019 5:34 am by NIRMALSG

» Sri Lanka to up employer EPF contribution to 15-pct, start social security fund
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyWed Dec 18, 2019 2:46 pm by The Invisible

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» Sri Lanka can resume high growth path, cut more taxes: Mark Mobius
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyThu Dec 12, 2019 9:29 am by The Alchemist

» රතු වැටෙනකොට
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyWed Dec 11, 2019 2:59 pm by කිත්සිරි ද සිල්වා

» Sri Lanka interest rates should go down, currency will not fall: Mark Mobius
Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyWed Dec 11, 2019 11:18 am by The Invisible

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels EmptyTue Dec 10, 2019 5:23 pm by Backstage

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels

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Sri Lanka pension fund to value hotel stake eyed by HPL Hotels Empty Sri Lanka pension fund to value hotel stake eyed by HPL Hotels

Post by The Invisible on Wed Aug 22, 2018 11:29 am

ECONOMYNEXT - Sri Lanka's central bank said the pension fund it manages was getting a valuation done of its stake in a southern beach resort managed by Marriot ahead of its sale to Singapore’s hospitality management firm HPL Hotels & Resorts.

The Employees’ Provident Fund (EPF) is in talks about the sale of Marriott Weligama Bay Resort & Spa with Weligama Hotel Properties Limited (WHPL) which is owned by East West Properties PLC.

A statement said the EPF Department had got a letter from the Chairman of WHPL in June 2018 to sell its stake in the hotel situated in Weligama Bay, a popular tourist resort, to HPL Properties Group.

East West Properties had signed a letter of intent to sell 72% of the shares of Weligama Hotel Properties Ltd. to HPL Hotels and Resorts Pte Ltd Singapore.

“The Monetary Board of the Central Bank of Sri Lanka has decided to obtain a valuation of EPF’s equity stake in WHPL and the valuation process is currently in progress,” the statement said.

“A comprehensive valuation would be essential to determine the value of EPF’s stake in WHPL prior to divesting, in order to ensure an adequate return to the Fund to maximize the benefits for its members.”
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