Browns Investment Exits Sierra Construction & Sierra Holdings
Posted 7,January

By Chaveendra Dunuwille

In Local News

Listen to the Article

 428 views

A corporate disclosure letter sent to the Chief Regulatory Officer of the Colombo Stock Exchange by Browns Investment PLC, the investment arm of the LOLC Group, relinquished its 20% interest in Sierra Constructions Ltd and Sierra Holdings (Pvt.) Ltd for the consideration of LKR 3,276,427,405/09. 

The letter also revealed that ICONIC Trust (Private) Limited (Iconic Trust), a subsidiary of the Sierra Group, also acquired the following assets of the Sierra Group. 

(Extract) 

88.46% holdings of Sansun Boutique (Elephant Corridor) for consideration of LKR 405,905, 123/- (Rs. 8.10 per share); 

100% holdings of SIERRA Development Ltd (holding entity of SIERRA Corporate Building) for consideration of Rs. 701,563,407/- (Rs. 24.73 for Ordinary shares and Rs. 10/- per 10% redeemable non-cumulative, non voting preference shares); 

85% holdings of Sierra Ready Mix for a consideration of Rs. 375,000,000/- ; 

100% holding of Sierra Pilling for a consideration of Rs. 200,000,000/-; 29.50% of Sierra Cables PLC (Rs. 11.30 per share) for a consideration of Rs. 1,791,797,687.10/-; 

43.75% of Agstar PLC Voting shares (Rs. 8 per share) and 66.66% of Non Voting shares (Rs. 4 per share) for a consideration of Rs. 1,122,910,080/- . A mandatory offer for the remaining shareholders of Agstar will follow in due course in terms of the TOM Code.