Sri Lanka opens bidding to divest Canwill Holdings
The Morning: The Government has invited bids to divest its full ownership in Canwill Holdings, the parent company of Sinolanka Hotels & Spa (Pvt.) Ltd. and Helanco Hotels & Spa (Pvt.) Ltd., marking a major step in the state’s divestment programme.
The divestiture will be carried out by the Ministry of Finance, Planning and Economic Development, with Deloitte Touche Tohmatsu India LLP appointed as transaction advisor.
Sinolanka owns the Grand Hyatt Colombo project, a 47-storey, five-star hotel and serviced apartment complex located on 2.32 acres of prime oceanfront land in Colombo’s central business district. The superstructure of the development has been completed to international five-star standards, while the remaining construction work is to be undertaken by the successful investor. The project comprises 458 hotel rooms and 100 serviced apartments, with views of the Port of Colombo, Port City, Galle Face Green and surrounding landmarks.
The Government said the divestiture will be conducted through a two-stage process. Interested parties have been invited to obtain the Request for Expression of Interest documents through the Treasury website.
OSL take:
Sri Lanka’s steadily growing tourism industry has opened many business/investment opportunities that also reach out to sectors related to the industry as well. The country’s ongoing development programme and the programme to reform state-owned enterprises have also presented many business/investment opportunities. The divestiture of Canwill Holdings, the parent company of Sinolanka Hotels & Spa (Pvt.) Ltd which owns the Grand Hyatt Colombo project, a 47-storey, five-star hotel and serviced apartment complex located in the heart of Colombo is a lucrative business venture for the foreign businesses/investors on the lookout for such in Sri Lanka. With the country’s tourism industry showing steady growth and business potential as well as a need to expand to meet the increasing demand, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka’s tourism industry and related sectors.
| Article Code : | VBS/AT/20260123/Z_2 |