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Friday Nov 15, 2024
Friday, 7 April 2017 00:00 - - {{hitsCtrl.values.hits}}
Browns Investments Plc yesterday announced a $ 70 million revamp of Excel World inclusive of a lifestyle shopping mall cum family leisure centre in partnership with a Hong Kong firm.
The company yesterday entered into a Joint Investment Agreement with Zhong Tian Ding Hui Investment Company, an established investment company in Hong Kong currently seeking investment opportunities in Sri Lanka.
The two will invest in the share capital of Excel Global Holdings Ltd. to co-develop the project at 338, T.B. Jaya Mawatha, Colombo 10 for which the lease hold rights are held by Millennium Development Ltd.
Browns Investments holds 100% of Excel Global Holdings and the shareholding is valued at $ 20 million. Browns Investments will infuse a further $ 15 million and arrange a $ 20 million loan for Excel Global.
Browns Investments will hold 51% of Excel Global and the Hong Kong firm will invest $ 35 million in the project and acquire 49% stake of Excel Global.
The investment cost will cover the first phase of the project and on completion the parties propose to proceed to the next phase, which includes a mixed development project.
