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Thursday, January 24, 2013

Taprobane exits Browns Investments

Taprobane Holdings Plc (TAP) yesterday exited completely from Browns Investments Plc (BIL), selling the remaining 9% stake to the latter’s related party Brown and Company for Rs. 730.4 million.

The stake amounting to 162.3 million shares was done at Rs. 4.50 each. In November TAP sold a 20% stake in BIL at Rs. 5.50 per share to Environmental Resources Investment Plc (ERI) in a deal worth Rs. 2 billion.

In return TAP acquired a 29% stake in ERI for Rs. 1.7 billion.

Previously Browns held a direct 26.5% stake in BIL and related party LOLC Investments held 13%, whilst a further stake of over 2% is held by Browns and LOLC Deputy Chairman Ishara Nanayakkara and LOLC. Though Browns has treated BIL as a subsidiary, yesterday’s purchase has given it extra control.

source - www.ft.lk