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Browns Investment Group Furthers Leisure Property Investment Goals
Posted 13,July

By Chaveendra Dunuwille

In International News

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With the goal of acquiring and developing leisure properties outside of Sri Lanka the Browns Investment Group via its fully owned subsidiary BI Leisure Holdings FZE or simply BI Leisure has fully acquired PL Resorts Ltd incorporated in Mauritius via a share sale and purchase agreement. 

PL Resorts Ltd operated a 100 room luxury hotel in Mauritius which was operated and managed by the Radisson Hotel Management Company which is under the control of the famed Radisson Blu Brand. 

The 100% acquisition of PL Resorts Ltd consisted of 21 500 000 shares with an overall price tag of $12 million. The purchase consideration was valued at $3.7 million after deducting the existing debts from the sum total. 

Browns Investment made the announcement regarding the acquisition to the CSE in line with S.8 of the Listing Rules of the CSE on the 13th of July, 2021 via a letter sent to the Chief Regulatory Officer of the Colombo Stock Exchange Mr. Renuke Wijayawardhane