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| Sunday, 22 December 2002 |
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Business |  |
| News Business Features Editorial
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Mahaweli Reach ties up with Maldivian company Mahaweli Reach Hotel Limited, the five-star hotel in Kandy, has entered a strategic alliance with Universal Enterprises Pvt Ltd (UEL), a Maldivian company owning and operating over nine luxury resorts in the Maldives.
The funds will be utilised to settle the outstanding loan to the DFCC Bank, which has been a burden on the company, said a spokesman. He said a major refurbishment program will be undertaken as the initial step with partner UEL, to offer guests international standards while maintaining Sri Lankan values. Universal Enterprises, owned by M.U. Maniku, the pioneer of tourism in the Maldives, will promote and maintain Mahaweli Reach as a market leader in tourism in Kandy. Several leading foreign tour operators, at the request of Ahamed Mahir Didi, Director Marketing UEL, have responded positively to promote the hotel from next summer. Universal Enterprises Maldives owns the resorts Kurumba Village, Full Moon Beach, Laguna Beach, Baros Holiday, Nakatchafushi, Kuramathi Tourist Island Village, Kuramathi Tourist Island, Cottage Club, Blue Lagoon, Fesdu Fun Island, Maafushivaru Tourist Resort and Langkawi Village Resort in Malaysia. It also owns the Universal Cruises Island Explorer and Atoll Explorer and Male Aerated Water Co Ltd. The spokesman said that Shelton Alwis, a reputed and respected personality in the hospitality industry, was involved in forming the alliance and he commended the support of Maniku, Chairman UEL, A.U. Maniku and the Board. Mahaweli Reach Hotel was founded by the Panabokke family in 1972 as a four-roomed guesthouse and has now developed into a premier five-star hotel with 114 rooms. |
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News | Business | Features
| Editorial | Security Produced by Lake House |
Under
the alliance, UEL will invest, by way of underwriting, on a Rs 282 million
rights issue amounting to 28,239,868 ordinary shares at a par value of Rs
10 each. It will be issued at a price of Rs 10 each in the proportion of
three new ordinary shares for every two ordinary shares held.
