Tuesday, July 26, 2011

Browns to go for highrise


Browns Investments Chairperson Rohini Nanayakkara with Browns Group, Group MD and CEO Murali Prakash after announcing the Excel World acquisition. Picture by Sumanachandra Ariyawansa

Browns Investments Ltd which acquired Excel World (Millennium Park) is now looking at relocating their headquarters to a building near Ramada Hotel, Colombo. Browns Investments Chairperson Rohini Nanayakkara said they are looking at developing their property opposite Millennium Park and for this reason relocation was needed.

“We hope to relocate by the end of the year,” she said. Announcing their future plans she said they are looking at constructing a highrise building to offer for commercial purposes at this venue.

She added that they will invest heavily to re-develop the Millennium Park or Excel World.

Browns Group Group MD and CEO Murali Prakash said Browns Investments will fulfill the vision of being a strategic investment vehicle which will invest in sunshine industries thereby maximizing shareholder value. For the year 2010 and 2011, Browns Investments Ltd. recorded Rs 3 billion turnover with a profit after tax of Rs 2.1 billion.

The Initial Public Offering of Browns Investments last month was oversubscribed by six times on the opening day. The shares will be listed on Diri Savi Board from tomorrow.

Both private placement and IPO shares were issued at Rs 5 each.

The exceptional performance clearly reflects the success of the company’s strategies. With capital raised from Private Placement and Initial Public Offering, Browns Investments is well placed to expand its operation in this vibrant economy.

source - www.dailynews.lk

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