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Sri Lanka's LOLC group leisure assets under Browns unit Empty Sri Lanka's LOLC group leisure assets under Browns unit

Fri Mar 21, 2014 2:52 pm
Mar 21, 2014 (LBO) - Sri Lanka's Lanka Orix Leasing Company Plc said it had sold a 70 percent stake in LOLC Leisure, a hotel company, to Browns Investments Plc, a related company, for 2.8 billion rupees.

Browns Investments Plc, in a separate stock exchange filing said the deal will make it one of the largest hotel operators in the country managing over a 1,000 rooms. Browns Investments Plc already owned a 30 percent stake in the leisure firm.

LOLC Leisure is the controlling shareholder of 5 hotels including three adjacent hotels which were bought in 2010.

The firm is building 400-room resort in Beruwala in the South West coast of Sri Lanka through after demolishing existing old buildings. The new resort is to start operations in 2016.

Browns Investments already had direct control over several other hotels: Green Paradise Resorts (Pvt) Ltd, Samudra Beach Resorts (Pvt) Ltd, and Sun and Fun Resorts (Pvt) Ltd.

Browns Investments also had other leisure sector assets Browns Tours and BG Air Services.

Browns Investments and LOLC have common directors and LOLC is also an ultimate shareholder through a stake in its parent.

In a separate transaction dated prior to the exit, LOLC Leisure was buying back shares from both LOLC and Browns Investments. LOLC will get 1,015 million from the buyback and Browns Investments will get 435 million rupees.

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