7 January 2022 10:06 am Views - 1114
Browns Investments PLC (BI), the strategic investment arm of the LOLC Group this week disposed its entire stake of 20 percent in Sierra Construction Ltd. and Sierra Holdings Ltd.for a total consideration of Rs.3.27 billion while acquiring assets worth Rs.4.6 billion of Sierra Group.
BI in a stock filing on Wednesday disclosed that it had acquired key assets of Sierra Group through its subsidiary ICONIC Trust Ltd. (Iconic Trust).
Accordingly, Iconic Trust purchased 29.50 percent stake in listed Sierra Cables PLC for Rs.1.79 billion from Sierra Holdings (Private) Limited by paying Rs.11.30 per a share. The share price of Sierra Cables PLC gained Rs.4.50 or 39.13 to close at Rs.16.10 at yesterday.
Iconic Trust also purchased 43.75 percent of voting shares and Rs.66.66 percent of Non-Voting Shares in listed Agstar PLC for Rs.1.12 billion from Sierra Construction Limited and Sierra Holdings (Private)Limited.
Following the acquisition, LOLC Group is planning to go for a mandatory offer to acquire the remaining shares of Agstar in due course in terms of the Take-overs and Mergers Code. Browns Investments and LOLC already has 32 percent stake in Agstar PLC.
Share price of Agstar rose Rs.3.40 or 42.50 percent to close at Rs.11.40 yesterday.
Meanwhile, Iconic Trust also acquired 88.46 percent stake in Sansun Boutique (Elephant Corridor) for a consideration of Rs.405.9 million by paying Rs.8.10 per share.
It also purchased 100 percent voting shares of Sierra Development Ltd. which is the holding entity of Sierra corporate building at Rs.24.73 per a share and 10 percent of redeemable non-cumulative, non-voting preference shares at Rs.10 per share, for a total consideration of Rs.701.56 million.
Further, Iconic Trust acquired 85 percent stake in Sierra Ready Mix for a consideration of Rs.375 million and 100 percent holding of Sierra Pilling for a consideration of Rs.200 million.