July 14, 2012 (LBO) - Sri Lanka's Lanka Orix Leasing Company Pltc (LOLC) said it is buying out a 50 percent shareholder in an investment vehicle that will give it full control of Brown & Company Plc.
LOLC said it is buying a 50 percent stake of Diriya Investments, an investment vehicle which owns 49.8 percent of Browns from Ajith Devasurendra, for 1.32 billion rupees which will be paid in two installments.
LOLC had an additional direct holding of 4.7 percent in Browns.
LOLC will pay 660 million rupees to Devasurendra and the balance will be settled in one year.
Nithya Partners, a law firm will act as escrow agents.
Browns & Company is a 135 year old company which has agencies for several global brands. It is the island's top seller of tractors having the brands Tafe and Massey Fergusen, F G Wilson, Yanmar Marine engines, consumer brands Olympus and Sharp among others.
The firm also has the agencies for Continental Airlines, Scandinavian and Austrian Airlines.
source - www.lbo.lk
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