Sierra Cables into leisure sector

Sierra Cables Plc will venture into the leisure sector with two hotel projects under a joint venture agreement, a Stock Exchange filing said last week.

The new hotel projects of Sierra Cables are to be located in Kandy and Avissawella.

“The total project value will be Rs 850 million. We will be investing Rs 250 million in two hotel projects in the leisure sector under a joint venture agreement with Free Lanka Capital Holding,” Sierra Cables Plc Chairman Priyantha Perera told Daily News Business. One of the hotels will be in Kandy with a 56 room capacity and the other hotel will be set up in Avissawella with a 40 room capacity.

The construction work of these hotel projects will commence shortly, he said.

The boom in the tourist sector has prompted Sierra Cables to venture into the leisure sector. The company expects the growth momentum to continue and tourism industry to be a lucrative business giving benefit to its stakeholders.

(SJ)