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| Tuesday, 30 November 2004 |
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Delisting of subsidiary companies "Further to the voluntary offer made by John Keells Hotels Limited (KHL) pursuant to a restructuring plan by the John Keells Group Hotels Sector, KHL currently holds 96.8% in Kandy Walk Inn (KINN), 95.5% in Habarana Lodge Limited (HLOG), 97.2% in Ceylon Holiday Resorts Limited (CHR), and 81.5% in International Tourists and Hoteliers Limited (ITH), all of which are public quoted companies. Given that KHL holds the majority of the shares in the said companies, and in order to reduce administrative and other operating costs, it has been decided to de-list the securities of the four subsidiary companies from the official List of the Colombo Stock Exchange. The Directors of KHL have decided to make the following offer to those shareholders of the companies to be de-listed (subject to obtaining approval from KHL shareholders): Share Swap ratio of 31 KHL shares for every 22 shares in CHR or cash of Rs. 137.50 per CHR share; 1 KHL share for every 1 share in HLOG or cash of Rs. 97.00 per HLOG share; 75 KHL shares for every 74 shares in KINN or cash of Rs. 98.75 per KINN share; 7 KHL shares for every 16 shares in ITH or cash of Rs. 42.50 per ITH share. Extraordinary General Meetings are to be convened to obtain the approval of the shareholders of all the said companies, the media release said. |
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