Sri Lankan Firms Invest In A New Maldives Resort

Sri Lanka’s Brown Investments along with partners, Palm Garden and Eden Hotel have jointly bought Bodufaru Beach Resort Private Limited. Bodufaru Beach Resort Private Limited is a limited liability company in the Maldives who holds a 50 year head lease for the island of Bodufaru Finolhu in Raa Atoll of the Maldives to develop a tourist resort.
Raa Atoll is a Northern Atoll of the Maldives and to-date very few islands have been developed as tourist resorts in this atoll. ‘Bodufaru Finolhu’ directly translates to big reef sand bank in the local language (Dhivehi). It is a tiny island, in fact a sandbank with sparse vegetation located on a huge lagoon and a large house reef. This provides an opportunity to build several overwater bungalows which is one the favorite types of accommodations in Maldives resorts.
In a stock exchange filing the three companies Brown Investments, Palm Garden Hotel and Eden Hotel revealed that they have jointly invested 1.5 million US dollars to acquire the Maldives company and subsequently the rights to develop the resort. Each company invested 500,000 US dollars for a 33.33% of the equity.
Bodufaru Beach Resort Pvt Ltd will now be an associate of Eden Hotel Lanka PLC and a subsidiary of Palm Garden Hotels PLC and Browns Investments PLC. The companies have not yet given a schedule for the start of the construction and opening of the proposed resort.