Hunas Holdings PLC becomes Sri Lanka’s newest listed diversified conglomerate

Above - The TAD Group Leadership Team: (From left) - Group Director – Sujivie Irugalbandara, Group Managing Director – Atheeq Ansar, Group Director – Pravini Wickramanayake, Group Director – Frank Irugalbandara, Group Chairman – Dhanuka Samarasinghe, Group Director – Toshiaki Tanaka and Group Director – Misako Senda.

Hunas Holdings PLC, previously known as Hunas Falls Hotels PLC, has become Sri Lanka’s latest listed diversified conglomerate.

This follows Serenity Lake Leisure (Pvt) Ltd., a fully-owned subsidiary of the TAD Group of Companies, infusing the then Hunas Falls Hotels with Rs. 4.25 billion in capital in January 2022, by transferring its ownership stakes in 11 companies to the latter, the group said in a media release on Monday.

“This marked the first time in the country’s history in which such a transaction had been carried out without any dilution of the company’s minority interest, setting a new benchmark in good corporate governance and corporate responsibility in the Sri Lankan stock market. The move greatly benefited the company’s minority shareholders, who currently account for 6.5 per cent of the company’s ownership, who saw vast appreciation in the value of their shareholdings,” it said.

Hunas Holdings PLC now holds 11 assets in renewable energy, real estate, tea (plantations, factories and in tea brokering) and hospitality/leisure sectors. In addition to strengthening the company through diversification, which adds multiple new revenue streams, the capital infusion also augments and expands Hunas Holdings PLC’s asset base. Furthermore, the increase in the consolidated asset base will facilitate the company’s future expansions as well, by making it easier to raise funds through borrowings for potential future developments, investments and acquisitions. 

“Hunas Holdings PLC envisions becoming a leader in sustainable and ethical business in Sri Lanka,” Hunas Holdings PLC Director, Pravini Wickramanayake said. “Through the manner in which the capital infusion was carried out, by protecting the interests of the minority shareholders, we have demonstrated our strong commitment to ‘walk the talk’ in terms of upholding the highest standards of corporate governance and ethical business.”

The companies which form the diversified portfolio of Hunas Holdings PLC are Hunas Properties (Pvt) Ltd; Boulder Gardens (Pvt) Ltd; Rainforest Hotels (Pvt) Ltd; Suriyakanda Plantations (Pvt) Ltd; Rainforest Tea Factory (Pvt) Ltd; Amunumulla Suhada Electricity Generation Company (Pvt) Ltd; Sustainable Energy Holdings (Pvt) Ltd; Mercantile Produce Brokers (Pvt) Ltd; Weswin Power Galaha (Pvt) Ltd;  Eratne Power Company (Pvt) Ltd and Kuruganga Hydro (Pvt) Ltd.