Wednesday, January 13, 2010
SRI LANKA LEASING FIRM BUYS IN TO BROWN & COMPANY
Jan 08, 2010 (LBO) – Sri Lanka's Lanka Orix Leasing Company (LOLC) group said it had bought a 50 percent stake in an investment firm which controlled Brown & Company, another listed firm.
Commercial Leasing Company, a fully owned unit of LOLC, had paid 828.4 million rupees for 82,840,903 shares in the investment firm, Diriya Investment, the group said in a stock exchange filing.
A similar stake was held by a director of Diriya Investment, Ajith Devasurendra and 10 shares by another director, Ishara Nanayakkara the firm said.
Brown and Company shares were at 79.00 rupees flat in mid-day trade and LOLC was up 6.25 at 147.50 rupees.