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Singapore's Hotel Properties establishes Sri Lanka unit

A subsidiary of Singapore-listed Hotel Properties Ltd. bought 100% of the share capital of Hotel Properties Lanka Investments (Pte.) Ltd. for 1.0 million Sri Lankan rupees.

As an investment holding company, Hotel Properties Lanka will look after the businesses of operators, owners, managers and developers of hotels, residences and related businesses.

HPL Properties (West Asia) Pte. Ltd. purchased all 10 shares in the company that will operate as Hotel Properties' indirect wholly owned subsidiary in Sri Lanka.

As of June 5, US$1 was equivalent to 158.45 Sri Lankan rupees.