Business Times

EPF, Bank of Ceylon, NSB big stakes in Lighthouse Hotels Ltd

State agencies investing in the Colombo stock market are gradually increasing their stakes in companies like the Lighthouse Hotels Ltd (LHL) and, according to a latest report, has almost a 25 % (combined) control in the company.

As a total stake, it is slightly higher than even Jetwing Hotels Management Services (Pvt) Ltd which has a 24.20 % and manages the hotel with Hiran Cooray as its chairman. Brokers said LHL’s loss widened by 20 % year-on-year to Rs 11. 3 million for the first quarter ending June 30, 2010. The report listed the second largest shareholder as Mercantile Investments Ltd with 14.36 %, EPF with 11.09 % and Bank of Ceylon with 9.78 %.

Among the other top 20 shareholders, National Savings Bank has a 4.13 % and Employees Trust Fund Board - 0.65 %. Brokers said LHL’s revenue and gross profit was up but the results were hit by a sharp rise in administrative costs.

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