Sets new benchmark in good corporate governance in the CSE
Hunas Holdings PLC, previously known as Hunas Falls Hotels PLC, has officially become Sri Lanka’s
newest listed diversified conglomerate.
This follows Serenity Lake Leisure (Pvt) Ltd., a fully-owned subsidiary of the TAD Group of Companies,
infusing the then Hunas Falls Hotels with Rs. 4.25 billion in capital in January 2022, by transferring its
ownership stakes in 11 companies to the latter.
This marked the first time in the country’s history in which such a transaction had been carried out
without any dilution of the company’s minority interest, setting a new benchmark in good corporate
governance and corporate responsibility in the Sri Lankan stock market. The move greatly benefited the
company’s minority shareholders, who currently account for 6.5% of the company’s ownership, who
saw vast appreciation in the value of their shareholdings.
Hunas Holdings PLC now holds 11 assets in renewable energy, real estate, tea (plantations, factories
and in tea brokering) and hospitality/leisure sectors. In addition to strengthening the company through
diversification, which adds multiple new revenue streams, the capital infusion also augments and expands
Hunas Holdings PLC’s asset base. Furthermore, the increase in the consolidated asset base will facilitate
the company’s future expansions as well, by making it easier to raise funds through borrowings for
potential future developments, investments and acquisitions.
“Hunas Holdings PLC envisions becoming a leader in sustainable and ethical business in Sri Lanka,”
Hunas Holdings PLC Director, Pravini Wickramanayke said. “Through the manner in which the capital
infusion was carried out, by protecting the interests of the minority shareholders, we have
demonstrated our strong commitment to ‘walk the talk’ in terms of upholding the highest standards of
corporate governance and ethical business.”
“Despite challenges, the Sri Lankan economy has vast untapped potential and Hunas Holdings PLC will
help realise these opportunities,” Wickramanayke added. “For this purpose, we will leverage our strong
partnerships with reputed foreign investors, to bring in Foreign Direct Investments (FDIs) into the
country, which can add substantial impetus to Sri Lanka’s growth prospects.”
The companies which form the diversified portfolio of Hunas Holdings PLC are; Hunas Properties (Pvt)
Ltd. (100%), Boulder Gardens (Pvt) Ltd. (90%), Rainforest Hotels (Pvt) Ltd. (90%), Suriyakanda
Plantations (Pvt) Ltd. (100%), Rainforest Tea Factory (Pvt) Ltd. (90%), Amunumulla Suhada Electricity
Generation Company (Pvt) Ltd. (100%), Sustainable Energy Holdings (Pvt) Ltd. (100%), Mercantile
Produce Brokers (Pvt) Ltd. (20%), Weswin Power Galaha (Pvt) Ltd. (20%), Eratne Power Company
(Pvt) Ltd. (30%) and Kuruganga Hydro (Pvt) Ltd. (19%).