SUN to sell resort in Maldives

SRL Kanuhura Limited, a wholly owned subsidiary of SUN Ltd, listed on the Stock Exchange of Mauritius, has entered into a binding sale and purchase agreement with Leisure Oceans Private Limited for the sale of its resort in the Maldives, Kanuhura Resort & Spa, Defi reported.

After the agreement concluded with the MIC for the subscription of redeemable secured convertible bonds, this transaction is described as a further step in SUN’s strategy to enhance its financial structure and redeploy capital in its operations in Mauritius. SUN claimed this regained financial stability will “provide the company with the competitive means to fully capture the opportunities when the tourism market recovers.”

The transaction is subject to the to the fulfillment of certain conditions precedents which are expected to be completed by 31 July 2021.

SUN’s non-current assets in the Maldives reportedly stood at Rs2.4Bn at the end of the June 2020.