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Browns Investments Chairman Ishara Nanayakkara
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Browns Investments PLC (BI), the strategic investment arm of the LOLC Group yesterday exited from Sierra Construction Ltd. and Sierra Holdings Ltd. by disposing 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.
