Spence ups BBH stake

Ravi Ladduwahetty

Aitken Spence Hotel Holdings PLC has increased its stake in Browns Beach Hotel (BBH) to 35.48 percent following the mandatory offer which closed on April 28.

The mandatory offer of Browns Beach Hotels PLC has concluded and 2.22 percent of the shareholders have accepted the Aitken Spence Hotel Holdings offer. This is equivalent to 2,875,293 shares (Rs 62,393,858). We now have a 35.48 percent shareholding of Browns Beach Hotels PLC, Aitken Spence Hotel Holdings Finance Assistant Vice President Tilak Gunawardena told Daily News Business last evening.

“Though the minority shareholders had a 15.87 percent stake in the Browns Beach Hotel, only 2.22 percent subscribed to the offer as it was expected as the other remaining shareholders would have wanted to retain the share thinking of the growth prospects for the future with the construction of the proposed Rs 3.5 billion hotel,” he said.