Having recently concluded a Rs. 4.2 billion private placement, Browns Investments (Pvt) Ltd (BI), a joint venture between Brown & Company PLC and Taprobane Holdings Private Ltd has plans to raise Rs. 350 million in an Initial Public Offering (IPO), according to sources close to BI.
“By mid January this year BI raised Rs. 4.2 billion and they submitted an IPO application to the Securities and Exchange Commission this week,” a source told the Business Times.
He said that in about two month’s time BI will go public. With these monies, BI which is a strategic investor with mid to long term horizons will be constantly exploring opportunities in listed and unlisted firms. He said that unlisted firms will in time go public. “All unlisted firms at BI will come to a listing stage,” he said.
He said that BI has an idea to get into the finance sector as well by setting up a finance company in the future.
He said that BI will utilise part of these monies to develop their lands in Colombo and also outstations.
“BI plans to construct hotels and theme parks. As a start they will build a three star, 175 room property worth Rs. 1.7 billion at their 5-acre land in Kosgoda,” he said.
He said that BI is in negotiation with an Asian hotel chain to manage it. BI has 30% in LOLC leisure Pvt Ltd., 20% in Sierra Construction Ltd., 40% in Free Lanka Capital Holdings (which went public early this month) and a significant stake in Royal Fernwood Porcelain Ltd.
BI is also earmarking their properties in Colombo for commercial and residential development. As a start, the source added that there’s an plan for a city hotel and a commercial complex at the Browns & Company’s head office building at T.B. Jayah Mawatha near HNB Towers.
Browns & Company has rented office space at Macan Marker Mawatha near the former Holiday Inn hotel.
|
E-mail
