A controlling 52% stake in Ramboda Falls PLC has been picked up by a high-net-worth Malaysian investor for Rs. 279 million.
The move is expected to give a boost to forex-strapped Sri Lanka via the Colombo stock market.
This is also the first takeover of a listed company amidst the ongoing situation and is expected to showcase the attractiveness of valuations for long-term investors.
Yeoh is a Malaysian citizen and a permanent resident of Singapore. He is the Executive Chairman and majority shareholder of several companies including ChlorTech Sdn Berhad in Malaysia, Caleb Thai Company Ltd., in Thailand, and Linghai Hetai Equipment and Engineering in China.
The company operates two hotel properties located in Nuwara Eliya and Polonnaruwa.
Ramboda Falls Hotel in Nuwara Eliya is a major tourist attraction due to its proximity to the Ramboda Waterfall. (NewsWire)