Softlogic invests in five star hotel

Launches IPO:

Softlogic invests in five star hotel

Softlogic Holdings will put up the next five-star hotel in Colombo
with an investment of US$ 33 million to capitalise on the booming
tourism market in the country, said Chairman/Managing Director Softlogic
Holdings (Pvt) Ltd., Ashok Pathirage.

He said the hotel will be constructed on a 90-perch land owned by the
company at Dharmapala Mawatha and added that the hotel will be managed
by Movenpick.Pathirage was speaking at a ceremony on Wednesday to launch
the IPO of the company. He said that the new hotel will comprise 224
rooms and that would be a major boost to the tourism industry which is
on a solid growth trajectory.


Ashok Pathirage

“We hope to be a leading brand in the leisure sector of the country
with unmatched quality service for high-end holiday makers. Movenpick
will be the most preferred destination among city hotels”, Pathirage
said.

Softlogic owns the Ceysands Hotel in Bentota which is an iconic
location in the South for discerning travellers. Pathirage said the
travel and leisure sector will gather momentum in the months to come
with Softlogic Group partnering Movenpick, one of the leading hotel
chains in the world.

Softlogic has also planned to increase the number of retail stores to
around 250 by 2012 in a move to expand the company’s retail chain in the
country.

Softlogic retail sector holds authorised distributorship for the
world’s best brands in the country in the consumer electronics branded
apparels and furniture sector.

The company’s consumer electronics brands include Panasonic, Samsung,
Onida, Candy, Cornell and Ignis. Levi’s, Nike, Mango and Giordano are
some of the leading brands in the apparel sector.

Pathirage said that they hope to make new investments on developing
healthcare in the North. The company has invested Rs. 60 million on a
laboratory in Jaffna.

Healthcare has been not only a business for the company but a service
that we take great pride in. We hope to expand this sector and be the
leading private sector healthcare service provider in the country.

Asiri Group of hospitals comprise Asiri Surgical, Asiri Hospitals
Colombo and Matara and the new Central hospital.

“Softlogic Group is a diversified investor friendly conglomerate and
therefore the IPO of Softlogic Holdings is an investment opportunity not
to be missed”, Pathirage said.

Since its launch Softlogic has expanded into a number of sectors
which include ICT, retail, healthcare, leisure, automobile and financial
services.

With a workforce of over 5,000 employees the Group’s annual turnover
exceeds Rs.16 billion.

The company plans to raise Rs.4.031 billion from the IPO with an
issue of 139,000,000 priced at Rs.29 per share.The offer will open on
June 9.

The Hayleys Group’s agriculture companies are credited with
introducing the latest knowledge generated by international research and
development in agriculture to Sri Lanka’s farming communities.

These companies also continue to provide comprehensive extension
services at the grass roots level in all agricultural areas. The Group
has invested substantially in bio technology for new generation of
agriculture.

Hayleys Agriculture pioneered F1 Hybrid Flower Seed production,
rainwater harvesting, value-added fruit and vegetable export, venturing
directly into regional countries such as Bangladesh, among other firsts.

It is also the first agriculture company to venture strongly into the
post-conflict Eastern and Northern Provinces with bold and impactful
initiatives involving returnee farmers in partnership with government
agencies and NGOs.

As the first agricultural company in Sri Lanka to venture into the
use of Nanotechnology in agriculture (in collaboration with NANCO, the
national Nanotechnology initiative) Hayleys Agriculture is responsible
for an innovative product now at the commercial evaluation stage that
has the potential to have a significant impact on the economy.

Hayleys Agriculture is also focussed on constantly introducing new
products and services to build and enhance capacity in traditional
agriculture.

These include mechanical devices such as combine harvesters, combine
threshers and mechanical reapers that improve productivity even in the
face of labour shortages.

The company is also heavily involved in new high-yielding plant
varieties, seed paddy, early-generation seed potato and B-Onion seed
among others to help in the country’s drive to improve agricultural
productivity and enhance food production and farmer incomes.

Hayleys Agriculture’s involvement in every stage of the life cycle of
agro produce from producing seeds to supporting the export of processed
vegetable and fruit, gives the entity a unique profile in the
agriculture sector, and enables it to add value at many points and in
many aspects.

Its products range from crop protection products to high-end planting
materials including vegetable seeds, seed paddy, seed potatoes, B-Onion
and Maize seed, fertilizer, agri equipment including sprayers, two wheel
and four wheel tractors, combine harvesters and combine threshers; micro
irrigation systems and animal health products including antibiotics,
biologicals, feed additives and veterinary pharmaceuticals.

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