Founder shareholder Shanker exits Browns Investments

Monday, 25 August 2014 00:00 - - {{hitsCtrl.values.hits}}

Founder shareholder Shanker Somasu-nderam has exited Browns Investments Plc (BIL). Last week he sold 25 million shares and 24.7 million shares at 10 cents each. As at 30 June 2014, Shanker who also sits on BIL Board held 50 million shares as the sixth largest shareholder. BIL share price closed the June quarter at Rs. 1.60. Its Net Asset per Share is Rs. 3.41 whilst at Group level it is Rs. 5.70. Shareholders of BIL on 4 August approved the Rights Issue of one New Ordinary Share for every one existing Ordinary Share at Rs. 1.25 each. Brown and Company (37%), Century Investments Plc (GREG) (20% stake) and LOLC Investments Ltd (13%) are among major shareholders of BIL. In first quarter of FY15, bottom line of BIL which has interests in investments, leisure, porcelain, construction and travel was a negative Rs. 22.6 million, as opposed to a positive Rs. 76 million a year earlier. Group post-tax loss was Rs. 166 million, in comparison to a profit of Rs. 34 million. Group revenue was down by 5% to Rs. 226 million. Clarification Browns Investments PLC would like to clarify that Shankar Somasunderam did not exit Browns Investments, and merely sold his rights to his shares. He still remains a Shareholder and Director of Browns Investments PLC.

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