Hotel Developers Ltd, owners of the Colombo Hilton, re-paid Rs 500 million to Sri Lanka’s Treasury on Wednesday, the first installment of a Rs 3 billion loan, officials said. A spokesman for the company said the hotel company had returned to profit after years of losses and was able to return the borrowed cash. The [...]

Colombo Hilton owning company repays Rs 500 mln to the Government

View(s):

Hotel Developers Ltd, owners of the Colombo Hilton, re-paid Rs 500 million to Sri Lanka’s Treasury on Wednesday, the first installment of a Rs 3 billion loan, officials said.

A spokesman for the company said the hotel company had returned to profit after years of losses and was able to return the borrowed cash. The Government acquired the company in late 2011 under the Revival of Under-performing and Under-utilised Assets and converted 80 per cent (Rs 7 billion out of Rs 10 billion) of the loan to equity (shares), making the hotel company owe the Government Rs 3 billion.

Follow @timesonlinelk

Colombo Hilton owning company repays Rs 500 mln to the Government

Share This Post

Advertising Rates