Hayleys announces strategic changes to portfolio

Hayleys PLC announced that it has increased its shareholding in Hayleys MGT Knitting Mills, and divested its holdings in two hotel properties as part of a strategic restructuring of its portfolio.

A statement from the company said it had acquired the National Development Bank's (NDB's) shares in Hayleys MGT, thereby increasing its stake in the latter to 55 percent from 41 percent.

The investment of Rs 210 million in 6.9 million shares of Hayleys MGT Knitting Mills was based on a consideration of the company's growth potential, the statement said.

Hayleys also announced it had divested its 50 percent holding in Royal Heritage Hotel, the owner of 'Vil Uyana', and its 49 percent stake in Seashells Hotel, Negombo as part of the strategic restructuring of its holdings.