Anilana Hotels to sell 51-pct stake to Somap International

June 28, 2017 (LBO) – Sri Lanka’s Anilana Hotels said an international firm Somap International (Private) Limited plans to invest in up to 51 percent of the company by way of an issue of new shares, with a total investment of 667 million rupees. Accordingly, 513 million new shares will be issued at a price of 1.30 rupees per share in order to facilitate part settlement of existing loans, subject to the relevant approvals. The company said in a stock exchange filing that it is currently in discussion with Indian Ocean Group (Private) Limited, on behalf of their advisory client partner Somap International (Private) Limited, to invest in the company. Somap International purchases and sells ships for ship-owners and brokers and its services include ship sales and purchase for demolition, ship operation, and ship breaking. The company sells ships to ship-breakers in India, Bangladesh, Greece, China, Turkey, and Pakistan. Incorporated in 1997, the company is based in Singapore with a yard in Bhavnagar, India. It has additional offices in the United Kingdom, Hong Kong, India, Bangladesh, and South Korea. Anilana Hotels was in the hunt for investment by way of infusion of fresh capital, to reduce borrowing and complete existing projects of the company.