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Monday, July 25, 2011

Browns Investments to have a ball with Excel World takeover

Buys entertainment complex on 6 acres land with 72 year lease for Rs. 1 b

Diversified holding, Browns Investments Ltd., on Friday made its foray into the entertainment industry by acquiring Excel World, the popular facility at Darley Road.

The company had paid nearly Rs. 1 billion for the acquisition of the company and the facility on a six acre plot which enjoys a 72 year lease title.

Excel World, formerly the Millennium Park, is the first theme park set up in Colombo in 2003, and has Game arcades, a food court and various other fun rides. Browns Investments acquired it from Indian born investor and entrepreneur Francis Chokatte.

A spokesman for Browns Investments told the Daily FT that under the new ownership Excel World will be revamped to provide greater value of entertainment and recreation for families.

“We will also explore prospects for new mixed developments such as a star class hotel and shopping mall,” he added.

With post-war rebound in economy, tourist arrivals as well as estimated doubling of per capita income to over $ 4,000 in four years, most analysts have earmarked entertainment and shopping as high growth industries.

Browns Investments is a diversified company with interests in leisure, plantations, manufacturing, construction, cable manufacturing, agriculture and hydro power generation. It has plans to further expand in leisure as well as enter real estate.

It is main shareholders are Brown and Company (26.34%), Taprobane Holdings Ltd (26.34%), LOLC Investments (12.9%), NSB (5.35%), Rurev Capital (4.56%), Shankar Somasundaram (2.69%). Associated Electrical Corp., and Ceylinco Insurance, Finco Holdings, Ishara Nanayakkara and Prime Lands also own 1% each.

Excel World Entertainment Park offers an array of fun-filled activities ranging from bowling, pool, laser game centres, gaming zones and a 4D simulation motion theatre. A coffee house, European style restaurant and a food court serving a variety of different cuisines all add up to Excel World being one of the hottest places to be in Colombo.

source - http://www.ft.lk/