Sri Lanka’s Browns Investment to buy control of a bio-fuel producing sugar farm in Africa
Browns Investment of Sri Lanka has reportedly stated that it has reached a deal to buy control of a bio-fuel producing sugar farm in the African state of Sierra Leone, which also has a renewable energy power plant.
According to reports, the investment will be made through B Commodities ME (FZE), Browns units based in Sharjah, UAE.
B Commodities will pay US$ 30 million to buy a 66.67 percent stake in Grey Reach Investment Limited, which in turn has a 75.1 percent stake in Sunbird Bioenergy (SL) Limited, which is based in Sierra Leone or about 50 percent of the company, the local media has reported.
Sunbird Bioenergy (SL) Limited, has 23,000 hectares of land to plant sugarcane and a factory which can produce 85 million litres of bio-fuel a year, Browns said in a stock exchange filing.
Sunbird also has 32 MW power plant, reports added.
OSL take:
The move by Sri Lanka’s Browns Investment to buy control of a bio plant in Africa is indicative of the level of strength and growth of the country’s private sector. The country’s private sector has ample opportunity to expand due to the Sri Lankan government’s economic policies as well as due to strong bilateral trade ties with many foreign countries. Foreign businesses looking at entering South Asia could explore opportunities of forming joint ventures or partnerships with local companies.
| Article Code : | VBS/AT/21052019/Z_2 |