ECONOMYNEXT – Sri Lanka will continue with the disposal of Canwill Holdings shares and retain the services of Deloitte Touche Tohmatsu LLP, India, as advisor for this purpose, Minister Nalinda Jayatissa said.
“About 120 million dollars, or around 36 billion rupees, is needed to complete the Grand Hyatt project,” Jayatissa told reporters.
“Considering the difficulty in obtaining further funds from shareholders of the company or through debt financing to complete the construction of the project and commence commercial operations, the most suitable option to raise the necessary funds has been identified as through selling shares of the company.”
Canwill Holdings was established in December 2011 to invest in the tourism/hospitality sector. Sri Lanka Insurance Corporation, Employees’ Provident Fund, and Litro Gas Lanka are its shareholders.
It owns the Grand Hyatt building in the capital Colombo.
The 47-story building, built by Sinolanka Hotels & Spa Pvt Ltd, a fully owned unit, has 458 rooms and 100 serviced apartments, built to specifications of Hyatt hotels with which the firm entered into an agreement in 2012.
Canwill Holdings also owns Helanco Hotels & Spa Pvt Ltd, which has leased 9.42 acres of beachfront land in Hambantota. (Colombo/May27/2025)
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