Browns to set up resort and apartments complex in Maldives
Monday, 27 October 2014 00:39
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Browns Investments Plc is to set up a resort and apartments complex in the Maldives via a joint venture.
The company said its fully-owned subsidiary Browns Hotels and Resorts Ltd. has signed an agreement with Alpha Kinam Holdings Ltd. and NPH Investment Ltd. to develop a four-star hotel with 150 rooms and 100 apartments in Male with an initial investment of $ 9.5 million. The move is subject to statutory approvals and obtaining controlling interest.
“BIL has expanded its footprints in leisure sector by making a number of significant acquisitions and this investment being the first overseas investment will propel the company to even greater heights in the leisure sector,” Browns Investments said in a filing to the Colombo Stock Exchange last week.
