Browns Investments gets bullish; buys Rs. 3.2 b more strategic assets of Sierra

Thursday, 6 January 2022 03:08 - - {{hitsCtrl.values.hits}}

Browns Investments Chairman Ishara Nanayakkara

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.

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