Sri Lanka, March 24 -- Browns Investments PLC on Friday (21) announced it acquired 26.16 percent stake in Sierra Cables PLC.
It acquired stake in Sierra Cables for Rs. 1.7 billion from Sierra Holdings Ltd.
In a disclosure to the Colombo Stock Exchange (CSE), Browns Investments, the strategic arm of LOLC Group, said it acquired 140, 623, 645 voting shares at Rs. 12.30 per share. The trade took place on Thursday (20).
Accordingly, Browns Investments PLC and its wholly owned subsidiary Iconic Trust Ltd., now collectively holds 56.59 percent stake in Sierra Cables PLC. Prior to the trade, Iconic Trust held 30.4 percent stake.
Published by HT Digital Content Services with permission from Daily Mirror Sri Lanka....