Brown Investments, Palm Garden Hotel and Eden Hotel in JV to acquire Maldives resort

Wednesday, 31 December 2014 00:47 - - {{hitsCtrl.values.hits}}

Brown Investments, Palm Garden Hotel and Eden Hotel have jointly invested $ 1.5 million to acquire a beach resort in Maldives for the purpose of developing a resort hotel in the island. Brown Investments, Palm Garden Hotel and Eden Hotel have each invested US$ 500,000 to acquire 5,000 shares of Bodufaru Beach Resort Ltd., (BBR), Maldives amounting to 33.33% of the equity of the Company for the purpose of developing a resort hotel in the Maldives. The three companies announced in a stock market disclosure that they are in a joint investment in BBR, each investing $ 500,000 (33.33% each). Bodufaru Beach Resort is a limited liability company incorporated in the Republic of Maldives and holds a 50-year head lease for the island of Bodufarufinolhu in Maldives. Subsequent to the investment by Eden Hotel Lanka PLC, Palm Garden Hotels PLC, and Brown Investments PLC, BBR will become an associate of Eden Hotel Lanka PLC and a subsidiary of Palm Garden Hotels PLC, and Brown Investments PLC.

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