Sri Lanka John Keells in deal to buy three Confifi hotels

The Hapag-Lloyd delegation including, Capt. Prateek Gandhi – Director Operations, Hapag-Lloyd, Regional Office, Dubai,Mr. Faheem Mir – Manager - Operations, Hapag-Lloyd, Regional Office, Dubai,Mr. Lalith Witanachchi – Vice President, Hapag-Lloyd Lanka (Pvt) Ltd, Mr. Mindaka Dassanayake – General Manager, Hapag-Lloyd Lanka (Pvt) Ltd.,Mr. Rohan Ranasinghe – Terminal Operations Manager, Hapag-Lloyd AG and Mr. Iqram Cuttilan – Managing Director, Aitken Spence Shipping Ltd poses for a pic with SLPA’s Chairman -Admiral Sirimewan Ranasinghe and the Managing Director - Eng. Ganaka Hemachandra. SLPA's Vice Chairman - Eng. Herath M.P. Jayawardhana, Director (Operations) - Mrs. G. Zavia Miskin and Director (Marketing and BD) - Mr. H J K U Kumara are also present.

Oct 04, 2007 (LBO) – Sri Lanka's John Keells Holdings announced a take-over of three Confifi group hotels Thursday, paying for the deal with the stock of its leisure division. Meanwhile in the broader market, the All Share index closed up 0.45 percent at 2,589.7 points and the more liquid Milanka Index 0.31 percent at 3,514.1 points.

Market turnover was 141 million rupees in a day that saw 7.5 million shares changing hands.

Updated/corrected swap Riverina hotel in the Confifi group closed up 2.25 at 47.75 with 76,000 shares traded. Keells Hotels Limited (KHL) closed up one rupee at 9.25.

Riverina shareholders would be paid 5 KHL shares, Confifi Hotel Holdings which owns Palm Garden will be paid 11 shares and Eden 3 KHL shares for 5, Confifi and JKH said in a joint statement.

The acquisition would complement KHL’s existing portfolio of hotels and strengthen its presence in the southern coastal belt of Sri Lanka," Keells Chairman Susantha Ratnayake said.

"The three Confifi hotels stand to benefit from KHL’s strong sales and marketing network and would reap operating synergies from being part of a larger group of hotels.

Existing