Galadari announces plans for funding for refurbishment

Galadari Hotels (Lanka) PLC yesterday announced plans to raise funds for the refurbishment of the property.

In a filing to the Colombo Stock Exchange, the Company said it intends to enter into a series of agreements with Mashreq Bank PSC, United Arab Emirates and the holding Company; Galadari Brothers Co. LLC, to finance the proposed refurbishment of the Hotel.

This move is subject to the passing of a Special Resolution by the Shareholders of the Company and 

obtaining other necessary regulatory approvals.