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The Citrus Group of Companies, the exciting, young and fast expanding Sri Lankan leisure brand announced an overall strategic restructuring plan of its group yesterday. The proposed strategic restructuring subject to relevant regulatory approvals, shareholder approvals and conditions, entails Hikkaduwa Beach Resort PLC (CITH) making a voluntary offer to shareholders of Waskaduwa Beach Resort PLC (CITW) and CITH amalgamating with Kalpitiya Beach Resort PLC (CITK) and Passikudah Beach Resort Ltd (PBR) at a premium price (to market) to shareholders.
Sep 27, 2016 (LBO) – Sri Lanka’s Citrus Leisure has proposed restructuring its group subject to the relevant regulatory approvals, the company said in a stock exchange filing.
The Citrus Leisure Group announced very positive results for the fourth quarter ending 31st March 2016 resulting in a strong performance for the financial year. Accordingly, the Group recorded a revenue of Rs. 1,093.7 million for FY 2015/16, a noteworthy 76% growth compared to FY 2014/15. Citrus Waskaduwa contributed Rs. 651.3 million while Citrus Hikkaduwa contributed Rs. 295.7 million for the year.