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Sri Lanka listed firms to merge, build new hotel

Aug 24, 2012 (LBO) - Sri Lanka's listed Palm Gardens and Riverina Hotels said they would merge through a share swap and the new entity would build a 500 room hotel.
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Investors holding 14.1 million Riverina shares would get one share of Palm Garden for every two held, the two firms said in stock exchange filings.


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The merged entity would be known as Palm Garden Hotels.

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The company will build a 500 room hotel through a wholly owned subsidiary allowing it to gain state investment incentives.

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