Confifi which was once synonymous with hotels has moved on to other things. Following the sell out of the majority stake in its three hotels – Eden, Riviera and the Club Palm Garden in the Golden Mile stretching from Moragalle to Aluthgama, the Furkhan family is now concentrating on their other businesses, according to a company source.
“Confifi is trying to take care of their own properties, their finance company, their travel business, etc,” an official told the Business Times, adding that Confifi doesn’t stand for hotels anymore. He said that Confifi also is a large investor in the Colombo share market.
The Furkhans led by Prof. M.T.M sold a large slice of their stakes in related holding companies of the three Confifi hotels – Club Palm Garden (CPG), Riverina Hotel and Eden to a consortium led by LOLC and Browns in June last year. This consortium now own 52% in Confifi Hotel Holdings, owners and managers of CPG and 25.5% in Riverina which they bought in late May last year while in the following month they bought 23.71% in Eden.
Further firming its position in the country’s famed golden mile, the new company bought a 60% stake in Tropical Villas, a beach resort with 50 luxury villas in Beruwela, through a subsidiary LOLC Leisure in August 2010. |
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