Dozen entities eye Hilton
Nearly a dozen entities have responded to the Expression of Interests (EOIs) on Hotel Developers Lanka Ltd (HDL), owning company of Hilton Colombo, the Business Times reliably learns.
A large Sri Lankan conglomerate and the Melwa Group are among the host of local companies, while there are about five foreign entities that have made bids for Hilton. The sources said that Japanese, Indian, West Asian and Nepali companies have bid for Hilton Colombo, an iconic five-star hotel with a 35-year operational track record, The government through the Ministry of Finance, Economic Stabilization and National Policies has chosen the Collier’s team of hospitality experts to oversee the divestiture, acting as Transaction Advisors alongside Platinum Advisors after launching October 10 the EOI to sell the holding company’s shares.
The criteria for bidders stipulate that a bidder must show a minimum net worth or financial capability of at least US$50 million or its equivalent to undertake the HDL Project by providing the applicant’s latest audited balance sheet, which must be dated not earlier than 31st March 2022, or the last day of the applicant’s fiscal year, whichever is later; or by providing a letter issued by a Regulated Financial Institution demonstrating the financial capability of the applicant.
Thursday was the closing date for the applications.
At the end of the prequalification stage, a list of the bidders who are eligible for participation in the second stage of the bidding process (the “RFP Stage”) comprising Request for Proposals (the “RFP”) will be announced in accordance with the Divestiture Guidelines.
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