Sri Lanka’s Hayleys PLC has entered into an agreement to sell its Maldivian subsidiary, Luxury Resort (Pvt) Ltd, to Bohemia Luxury Resort (Pvt) Ltd for US$17.25 million, EconomyNext reported.
Luxury Resort was the vehicle Hayleys and its leisure brand Amaya Leisure used to acquire the Kuda Rah Island Resort in the Maldives for US$23 million in 2016, renaming it Amaya Kudarah Maldives. The asset purchase agreement was signed on 16 May 2026 after a letter of intent on 3 February, the company said, covering property, plant and equipment, leasehold rights, intangible assets and inventories tied to the Maldives hotel operation. Management expects the transaction to close within the first few months of the reporting date.
Hayleys has booked an impairment loss of Rs. 6.9 billion in relation to the disposal — Rs. 2.9 billion on its investment in Luxury Resort and Rs. 2.5 billion on receivables from the subsidiary. The group recorded a Rs. 1.23 billion loss from discontinued operations for the twelve months ended 31 March, with Rs. 6.05 billion of assets classified as held for sale against Rs. 609.27 million of associated liabilities. The disposal was reflected under “discontinued operations and assets held for sale” in the conglomerate’s consolidated financial statement for the fourth quarter of FY2025.
The transaction unwinds Hayleys’ decade-long Maldives expansion and refocuses the Hayleys Leisure portfolio — formerly Amaya Leisure — on its 11 properties in Sri Lanka. The conglomerate has been actively recycling capital across its leisure and renewable-energy businesses this cycle, having last month closed an oversubscribed Rs. 9 billion rights issue backed by majority shareholder Dhammika Perera.
