The Ceylon Hotels Corporation (CHC) Plc, owned by Galle Face Hotel Group, is planning to raise some money from the stock market in a bid to expand its Maldivian operation, according to market sources.
“The company is planning to raise nearly Rs.2 billion through an ‘offer for sale’ and also an ‘offer for subscription’,” a stock market source told The Sunday Times FT.

A stock market analyst said that an offer for sale is when existing shareholders will unload their shares. In an offer for subscription, the company will issue new shares. “In CHC’s case, the company plans to do both,” he said, adding that the time to launch them to the market is still a question. “They may do it by August or September,” he said.

The Galle Face Hotel Group, 100 percent owned by the Gardiner family has 96 percent of CHC. CHC todate has 20 properties around the country. A hotel industry source said that CHC has started operations on a tourism project in Maldives for the high-end tourist market. He said this will feature as a main investment in their portfolio during the next few years as tourism in Maldives is booming.