Sri Lanka’s Browns Investments gets bullish; buys Rs. 3.2 billion more strategic assets of Sierra
Daily FT: Browns Investments PLC (BI), the strategic investment arm of the LOLC Group yesterday exited from Sierra Construction Ltd. and Sierra Holdings Ltd. by disposing of its entire holding of 20% in each entity for a total consideration of Rs. 3.27 billion and also acquired assets.
It said following assets of the Sierra Group were also acquired by BI subsidiary ICONIC Trust Ltd. (Iconic Trust):
*88.46%% holding of Sansun Boutique (Elephant Corridor) for a consideration of Rs. 405,905,I23 (Rs. 8.10 per share)
*100% bolding of SIERRA Development Ltd. (holding entity of SIERRA Corporate Building) for a consideration of Rs. 701,563,407 (Rs. 24.73 for Ordinary shares and Rs. 10 per 10% redeemable non-cumulative, non-voting preference shares)
*85% holding of Sierra Ready Mix for a consideration of Rs. 375 million
*100% holding of Sierra Pilling for a consideration of Rs 200 million
*29.50% of Sierra Cables PLC (Rs. 11.30 per share) for a consideration of Rs. 1,791,797,687.10
*43.75% of Agstar PLC Voting shares (Rs. 8 per share) and 66.66% of Non-Voting Shares (Rs. 4 per share) for a consideration of Rs. 1,122,910,080. A mandatory offer for the remaining shareholders of Agstar will follow in due course in terms of the Takeovers and Mergers Code.
Sri Lanka’s Browns Investments has shown an impressive expansion in its businesses even amidst the pandemic challenges. The country’s private sector has shown a steady growth recording profits amidst the Covid 19 pandemic. This is indicative of the strength and growth of the country’s business sector as well as the overall economic growth of Sri Lanka. Sri Lanka’s ongoing development programme and the positioning of the country as an emerging business destination in the South Asian region have further increased the country’s business potential. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have also added to the business potential of destination Sri Lanka. Foreign businesses/investors could therefore confidently explore the growing business opportunities in Sri Lanka.
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