Sri Lanka Amaya Reef sold to public

July 22, 2010 (LBO) - Sri Lanka's Amaya Reef, a listed company, has been spun off by its parent Amaya Leisure at prices of up to 5.00 rupees a share, but will continue to be managed by the group, an official said. "This will be the first fully publicly owned company under Amaya management," Nimal Perera, a top finance official in the controlling Vallibel group told LBO.

"The money will be used to build a new 4-star hotel in Wadduwa."

Amaya Leisure group owned about 50 percent of Reef. The sale is estimated to have brought the group about 300 million rupees.

On Thursday the stock of the owning company, Hotel Reefcomber traded between 4.
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Amaya Sands, in Wadduwa in the south western coast, will be a 120-room hotel costing 15 million US dollars, an official said earlier this month.

Hotel shares are being traded at high premiums.
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The sector is trading at over 100 times profits.
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John Keells Holdings has also cut its stake in its hotel unit and is raising cash to build new ones.