Reefcomber acquires Waskaduwa beach property for Rs. 221 m

Thursday, 21 October 2010 06:23 - - {{hitsCtrl.values.hits}}

As part of its aggressive expansion Hotel Reefcomber Plc has on Tuesday purchased a 7 acres, 3 roods, 27 perches beach property with approximately 1 Km beach frontage in Waskaduwa, Kalutara North.

The property was formally owned by BOI approved Falcon Hotels Pvt. Ltd., and was purchased at Rs. 221.7 million.

Hotel Reefcomber Plc plans to construct a 150 roomed, 4 star resort on this property. Construction is billed to commence in mid January 2011 and the purchase is the first initiative in the strategic acquisitions for the Company under the vision of the new management.

Minus knowledge of the new deal, investors yesterday remained upbeat on Reefcomber as it saw 7.5 million shares trading for Rs. 143 million and closing at Rs. 20.20, up by Rs. 2.20.

Asia Securities said Reef continued to gather momentum on the back of retail interest.