Hayleys Buys Controlling Stake in Ceylon Continental

16th March 2010 (Last Updated March 16th, 2010 18:30)

The Ceylon Continental Hotel in Sri Lanka has been taken over by Hayleys Group, which bought a 51% controlling stake of the company for Rs1.8bn ($15m). Hayleys Group said it bought 90 million shares at 21 rupees each. The stake was previously owned by the Nahil Wijes

The Ceylon Continental Hotel in Sri Lanka has been taken over by Hayleys Group, which bought a 51% controlling stake of the company for Rs1.8bn ($15m).

Hayleys Group said it bought 90 million shares at 21 rupees each.

The stake was previously owned by the Nahil Wijesuriya-controlled Hotel Services, according to lankabusinessonline.com.

Hayleys said it will make an offer to other shareholders of Hotel Services.