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Negombo | Summer Season by Greener Water Ltd | U/C

20617 Views 36 Replies 18 Participants Last post by  KK-CMB

Summer Season will feature the following facilities:

150 standard rooms
150 deluxe rooms
41 family rooms
41 suites
382 Rooms
( stupid site says 442:nuts:)
Spa and fitness centre
1500 m2 outdoor swimming pool
Children’s water park
Lazy river and water play area
Kids' club
Two meeting rooms
Banquet hall with seating capacity for 600 (900 m2)
Retail arcade
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Sri Lanka: New Transport Ministry Secretary, Dhammika Perera’s Vallibel One to launch Rs.4 billion with IPO

By J.A. Fernando in Colombo
Colombo, 14 January, (
In the light of Sri Lanka’s Private Bus Owners leaded Gemunu Wijeratne calling off the massive bus strike, amidst Business Magnate Dhammika Perera’s latest appointment as Secretary to the Sri Lanka’s Ministry of Transport; Dhammika Perera owned Vallibel group has recently decide to raise Rs.4 billion in an Initial Public Offering (IPO) of Vallibel One Limited according to a latest stock market research report.

Sri Lanka’s leading stock brokering firm Capital Trust Securities in a research report stated that Vallibel One intends to raise Rs.4 billion by way of a private placement with the option of increasing up to Rs.4.5 billion in the event of over subscription and approximately a further Rs.1.43 billion by way of an initial public offer.

“Vallibel One Limited is a diversified holding company incorporated on 09th June 2010. Prior to the proposed private placement and initial public offering, 100% of the shares in issue are held by the business tycoon Dammika Perera and companies controlled by him. Through its subsidiary companies Vallibel One has made strategic investments in financial services, manufacturing and leisure industry” said Capital Trust in its report.

Accordingly, the company intends to raise funds through the issue to finance an equity investment of Rs.3 billion in a new hotel project developed under its full owned subsidiary Greener Water Limited.

“The total estimated cost of the hotel project is Rs.5 billion” said the report highlighting that Vallibel One has 51% stake of LB Finance PLC and strategic investment of 15% in Sampath Bank PLC with another 51% stake of Royal Ceramic PLC.

Greener Water Ltd has already invested Rs.266.73million in a 14 acre land located in Kochichikade, Negombo, Sri Lanka. The company intends to build a 382 room, luxurious five star hotel designed by WATG of Singapore, one of the world’s leading design consultants for the hospitality, leisure and entertainment industry. The construction of the hotel is estimated to take two years and commercial operations are planned to commence by end of 2013.The hotel will be developed as a BOI approved investment which will qualify for 8 years tax holiday, and a concessionary tax rate of 15% thereafter.

“The hotel will target the high end of the tourist segment and will be positioned as a five star hotel. At commencement gross Average Room Rate will be US $ 180 and will increase up to US $ 220 by the 5th year of operation.” said Capital Trust in its report.

Vallibel One’s capital structure outlines that as of 31 October 2010, Dhammika Perera owned 78.84% of Vallibel One amounting to 685.35 million shares with equal stakes of 10.58% owned by Vallibel Investments and Vallibel Leisure each amounting to 91.9 million shares of the company’s total equity of 869.25 million.

However after the IPO, Vallibel One will have 1.08 billion issued shares allowing public to hold 5.3% of the issued capital of the company added with 14.7% owned by qualified investors. Accordingly Perera’s stake would then dip to 63.08% with Vallibel Investments’ and Vallibel Leisure’s stakes at 8.46% each.

Shares are issued at Rs.25 per share while the share is said to have 13.65 times of Price to forward Earnings Ratio (PER). Vallibel one has Rs.50 billion in assets and Rs.24.7 billion in liabilities with a recorded net profit of Rs.1.2 billion for the first six months ended for the financial year 2011.

With interest in Casinos and Gaming, Dhammika Perera leaded Vallibel Group has turned around Sri Lanka’s Colombo Stock Exchange before the post war era during 2005 to 2009 while Perera controls significant stakes in number of Sri Lanka’s listed companies including blue chip Hayleys, Pan Asia Bank, Vallibel Power Erathna, Vallibel Finance, Royal Ceramics, LB Finance, and Amaya Leisure PLC.
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Vallibel One IPO

allibel one Limited issued 21,311,870 Ordinary voting shares as Initial Public Offerings at the price of Rs.25 each.
Amount to be rise

No of shares Value of share Total
21,311,870 LKR 25.00 LKR 532,796,750.00

Objective of IPO

The prime Objective of this share issue is to Construct a 300+ Roomed Five Star hotel in Negombo. The project is carried out by the Greener water Ltd; a fully owned Subsidiary of the company.
The cost of project is estimated at US$ 50 Million (LKR 5,600 Million). The land was purchased by the Greener Water Ltd at a cost of LKR 268.06 Million.
The total project will be funded as,
Method of Fund rise Investment in Millions
Private Placement Investment: 2,467.20
Debt: 2,600.00
Initial Public Offerings: 532.80
Total: 5,600.00

Minimum Subscriptions

The company Request to be Minimum Subscription per Application is 100 Shares (LKR 2,500) and the Application exceeding the minimum subscription should be in multiples of 100 Shares.

Opening date and Closing date of IPO

The Vallibel one IPO will open for issue on 21st June 2011 and will be close on 8th July 2011 or on the date on which the issue is oversubscribed.
Banker to the offering
The Vallibel one appoints Pan Asia Banking Corporation PLC as a Banker to the Offerings.

Basis of Allotments
Types % of the offered Share
Employees 10%
Unit Trust Investors 10%
Retail Individual Investors 40%
Non Retail Investors 40%

Prospectus and Applications

The Vallibel one published its Prospectus, Applications and the Article of association in Colombo Stock Exchange website:
The links are as follows,

Application Form:
Article of Associations:
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Didn't someone say that the hotel concept design was copied from some other hotel somewhere?
Yeah I think a copy from Las Vegas,, I cant find anything in WATG of Singapore who was meant to be doing the initial design concept and also M&A designs & landscape :nuts:

This photo looks quite different to the others infact like a temple:nuts::nuts::nuts:
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Another Taj Samudra look alike than Las vegas.
The first render is a very close copy of the Bellagio Hotel and Casino in Las Vegas

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If you take those houses, surly it is very much like a replica of Bellagio Casino in Las Vegas,Nevada USA.
Project on Hold!

Apparently the project is on hold. There was an article in the Daily Mirror FT of 30th Jan (print edition) which stated this. I browsed the internet edition it is not on that. No reasons were given other than that Vallibel one (the promoter) is concentrating on its consolidating its delmage acquisition.

Will try to get more info!
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What a shame. :eek:hno:
Hmm i think Dammkina cant do much since he is the major share holder of Hayles which now own The Kinsbury also ran in to cost escalation issues after Rupee lost 20 due to credit taken by he Gov to cover losses made by CEB & CPC. I hate when CEB minister says its does not cost people when end of the day successful bushiness people like him pay the price which would have brought much needed jobs and forex to Sri Lanka.

Such a irresponsible ministers and its a shame that when Mr Amunugama who also from same same Gov admit that these should be privatized or at least the management should be privatized, former minister totally denied it.
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One more render since the others are down, in case this ever gets back up.
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Any updates on this project?
This was replaced by his Casino project.
ප්*රකට ව්*යාපාරික ධම්මික පෙරේරා නායකත්වය දරන වැලිබල් වන් පී.එල්.සී. සමූහය ඩොලර් මිලියන 60 ක මුදලක් සුඛෝපභෝගී වෙරළ හෝටලයක් ගොඩනැගීම සඳහා ආයෝජනය කිරීමට සූදානම් වේ.

කාමර 382 කින් සමන්විත තරු පහ පන්තියේ මෙම වෙරළ හෝටලය මීගමුව, කොච්චිකඩේ ප්*රදේශයේ ඉදිවන අතර මේ වෙනුවෙන් මුදල් ආයෝජනය කරන්නේ වැලිබල් වන් සමාගමට අයත් Greener Water Ltd විසිනි.

මෙම ව්*යාපෘතිය වෙනුවෙන් බදු සහන ලබාගැනීම සඳහා ශ්*රී ලංකා ආයෝජන මණ්ඩලය සමග ගිවිසුමකට එළඹ තිබෙන අතර මෙම හෝටලය ඉදිවන අක්කර 14 ක් වෙනුවෙන් මේවනවිටත් රුපියල් මිලියන 268.06 ක මුදලක් සමාගම ආයෝජනය කර තිබෙන බව සඳහන්ය.
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