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Browns subsidiary buys Mauritian resort

13 Jul 2021

  •  Purchase consideration remains at $ 3.7 b
BI Leisure Holdings FZE, which is incorporated in the UAE and is a wholly owned subsidiary of Browns Investments PLC, announced that it entered into a share sale and purchase agreement yesterday (13) in order to acquire 21,500,000, or 100%, of shares of PL Resort Ltd. PL Resort Ltd. is a private limited company that has been incorporated in Mauritius at a value of $ 112 million. This disclosure was made by J. Kuhanesan on behalf of LOLC Corporate Services (Pvt.) Ltd. as well as the Secretary to Brown Investments and the Chief Regulatory Officer of the Colombo Stock Exchange (CSE The announcement was made according to Section 8 of the Listing Rules of the CSE. Accordingly, the purchase consideration of this acquisition remains at $ 3.7 million following the deduction of existing debts from the aforementioned value. PL Resort Ltd., at the same time, owns a 100-room luxury beach resort in Mauritius, which is managed and operated by the famed Radisson Hotel Group under the Radisson Blu brand.

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