Hikkaduwa Beach Resort PLC (COSE:CITH-N-0000) made an offer to acquire Waskaduwa Beach Resort PLC (COSE:CITW-N-0000) from Citrus Leisure PLC (COSE:REEF-N-0000) and others for LKR 1.2 billion on September 29, 2016. Under the terms, 5 ordinary shares of Hikkaduwa Beach Resort will be issued for 12 ordinary shares of Waskaduwa Beach Resort. The transaction is subject to approval of Colombo Stock Exchange, dissenters rights limited not exceeding LKR 250 million, approval of the shareholders of Hikkaduwa Beach Resort PLC and Citrus Leisure PLC, lenders' approval and listing of shares on the stock exchange. The transaction was approved by the Board of Directors of Hikkaduwa Beach Resort PLC. The Board of Directors of Citrus Leisure PLC recommended the shareholders to approve the transaction. On July 3, 2017, the transaction was approved by the shareholders of Hikkaduwa Beach Resort PLC and Citrus Leisure PLC. On November 14, 2017, the transaction received the approval from Securities and Exchange Commission of Sri Lanka. The transaction is expected to complete by mid-January 2018.

NDB Investment bank limited acted as a financial advisor and Anusha Wijesekara of P W Corporate Secretarial (Pvt) Ltd acted as a registrar to Waskaduwa Beach Resort PLC, Hikkaduwa Beach Resort PLC, and Citrus Leisure PLC.

Citrus Leisure PLC (COSE:REEF-N-0000) completed the acquisition of a 94.4% stake in Waskaduwa Beach Resort PLC (COSE:CITW-N-0000) from Citrus Leisure PLC (COSE:REEF-N-0000) and others for approximately LKR 900 million on January 4, 2018. Pursuant to the offer, 190.45 million shares were tendered.