Palm Garden Hotels PLC has invested US dollars 500,000 to acquire 5,000 shares of Bodufaru Beach Resort (Private) Limited in the Maldives. This amounts to 33.33 per cent equity of the company and to develop a resort hotel in the Maldives.

This Palm Garden Hotels investment is jointly with Eden Hotel Lanka PLC and Browns Investments PLC, each investing US dollars 500,000 or 33.33 per cent.

Bodufaru Beach Resort (Private) Limited is a limited liability company incorporated in the Republic of Maldives and holds a 50 year head lease for the island of Bodufarufinolhu in the Maldives.

Following this investment by Palm Garden Hotels PLC, Eden Hotel Lanka PLC and Browns Investments PLC, Bodufaru Beach Resort will become an associate of Eden Hotel Lanka PLC and a subsidiary of Palm Garden Hotels PLC and Browns Investments PLC.