Soon after the Rights now LOLC fame who closed down Riverina, Palm and Eden in 2011 saying after 3 years they will reopen the hotels after refurbishment never opened the hotels though came up with Rights issues and consolidation of Hotel owning companies from LOLC Securities to LOLC Leisure to Browns Investments (BIL) changing shares from Drawers showing profits in each company's balance sheet and some IPOs and re-lodgement of shares through Amalgamations.
However Browns Investments PLC (BIL) that said they will be investing in a Samudra Beach Hotel construction from the IPO never announced about the hotel thereafter since issuance of IPO of BIL in 2011.Though BIL and LOLC was revalued to two different figures on the same day (follow old disclosures at Colombo Stock Exchange) and BIL acquired the Hotel Properties of LOLC Leisure.
Further LOLC took loans from Seylan Bank to over Rs.1.5 billion to facilitate Tropical Acquisition that was an inter company transaction to manipulate the balance sheets of the group.
Now BIL has just said they signed an agreement to build a hotel in Maldives on Tuesday through a Stock Exchange Disclosure.
Some Non-Intelligent stock market traders hearing new will get carried away and will soon buy BIL whilst LOLC fame will shed BIL shares at large profit to show good accounts to their inter companies where as later when BIL come down LOLC fame will again collect it at cheaper prices.
So be-careful if you are buying BIL for next few days.