Thursday, July 28, 2011

Browns clarifies . . .

Browns Investments has sent the following clarifying various reports that have appeared in several newspapers regarding the facts and circumstances relating to their acquisition of Excel Global holdings (Private) Limited.

The Board of Directors of Browns Investments Limited clearing any confusion that may exist in this regard said Browns Investments Limited purchased the entirety, save one share, of the shares of Excel Global Holdings (Private) Limited (‘the Company’) on July 22 from Francis Chokatte, Mrs. Sherly Chokatte and Excel Global Holdings Limited.

“The Company is the majority shareholder of Millennium Development (Private) Limited, which by Lease Agreement No. 1555 dated March 11, 2003, has leasehold rights to the land on which Excel Park is presently located.

Browns Investments Limited wishes to state that it has plans to expand the existing facilities which are presently on the premises.

The Board of Browns Investments Limited further wish to state that any development or improvements will be made strictly in compliance with the provisions of the aforementioned Lease Agreement and in consultation with Incorporated Trustees of the Church of Ceylon, which is the owner of the said land.
Moreover, any such improvements and developments will be made in a manner that will bring substantial value to the premises and to all stakeholders of the premises including the Incorporated Trustees of the Church of Ceylon.

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