Diversified conglomerate Brown and Company PLC yesterday announced the selling of its subsidiary Browns Fabric Limited.In a filing to the Colombo Stock Exchange, Brown and Company shared the entity was sold to Ceylon Knit Trend (Private) Limited.

“Brown and Company PLC has disposed its 100 percent shareholding of Browns Fabric Limited to Ceylon Knit Trend (Private) Limited on June 20, 2024, for a total consideration of Rs.50,000,000,” the company said.Browns Fabric Limited operates a knit fabric manufacturing and processing plant in Pannala.Browns Fabric Limited entered the knitted fabric manufacturing industry with a US $ 52 million investment in 2022, while operations commenced in 2023.The Board of Investment project is one of the largest of its kind in the country. The objective was to bridge a significant vacuum in supply and demand, flexibility and speed to produce fabric to the export-oriented US dollar-earning apparel industry in Sri Lanka.