Browns Capital Plc exits FLMC Plantations

Tuesday, 6 June 2017 00:43 - - {{hitsCtrl.values.hits}}

Browns Capital Plc has exited FLMC Plantations by selling the remaining 9.9% stake for Rs. 1.95 billion.

The buyer is Damro Group subsidiary Piyestra Furniture Ltd.

In March, Browns Capital sold 45.1% stake in FLMC Plantations for Rs. 4.7 billion. With yesterday’s sale, the total sale proceed is Rs. 6.65 billion.

As part of the deal, Browns Power Holdings, a wholly-owned subsidiary of Browns Capital, sold a 61.1% stake in Agalawatte Plantations to Damro Group for Rs. 275 million. A mandatory offer by Damro to Agalawatte Plantations is ongoing.

Last week Damro appointed its nominees to the Agalawatte Plantations Board.The four Non-Independent, Non-Executive Director appointments were Damro Deputy Chairman R.P. Lahiru Ramanayake and Group Directors W.A.A. Asanga, G.P.N.G. Gunathilake and L.R.W.S. Rajasekara.