Hemas Holdings PLC and Minor International PLC, the parent companies of Leisure Asia Investments Limited and Lodging Investment (Labuan) Limited have made a proposal to the Board of Serendib Hotels PLC to consolidate the multiple Sri Lankan hotel property investments of Serendib Hotels PLC and the two major shareholders under Serendib Hotels PLC.

While considering this proposal the Directors of Serendib Hotels PLC have appointed an independent valuer to carry out valuations pertaining to the investments relevant to the proposal.

The Board of Serendib Hotels PLC will thereafter assess the proposal and if found feasible advise the shareholders of the company accordingly.