Browns Investments sets record straight

In response to various reports that have appeared in several newspapers regarding the facts and circumstances relating to the acquisition of Excel Global Holdings (Private) Ltd. by Browns Investments Ltd. (BIL), BIL issued a statement yesterday to clear any confusion that may exist in this regard.

The statement issued by BIL is as follows:

Browns Investments Limited purchased the entirety, save one share, of the shares of Excel Global Holdings (Private) Limited on 22 July 2011 from Francis Chokatte, Sherly Chokatte and Excel Global Holdings Limited.  

The company is the majority shareholder of Millennium Development (Private) Limited, which  by Lease Agreement No. 1555 dated 11 March 2003, has leasehold rights to the land on which  Excel Park is presently located.

Browns Investments Limited wishes to state that it has plans to expand the existing facilities which are presently on the premises. The Board of Browns Investments Limited further wish to state that any development or improvements will be made strictly in compliance with the provisions of the aforementioned  Lease Agreement and in consultation with Incorporated Trustees of the Church of Ceylon, which is the owner of the said land.

Moreover, any such improvements and developments will be made in a manner that will bring substantial value to the premises and to all stakeholders of the premises including the Incorporated Trustees of the Church of Ceylon.