Browns Investments PLC confirmed in a disclosure to the Colombo Stock Exchange (CSE) that the acquisition processes for Lipton Teas and Infusions’ companies in Kenya and Rwanda, as part of the Sales and Purchase Agreement (SPA), have been completed.

The acquisition of the shares, that was completed on 30 July 2024, was executed via its fully owned subsidiary B Commodities ME FZE incorporated in the United Arab Emirates (UAE).

Accordingly, 98.94 percent shares were acquired in Lipton Teas and Infusions’ Kenya PLC, 51.99 percent in Limuru Tea PLC, and 100 percent shares in Lipton Teas and Infusions’ Rwanda Limited.

The acquisition of Lipton Teas and Infusions’ Tanzania Limited, another target company, is still pending due to the outstanding approval from the Fair Competition Commission of Tanzania. 

Earlier this year, Lipton Teas and Infusions announced it has agreed to terms of a partnership which will result in the transfer of its tea estates in Kenya, Rwanda, and Tanzania to Browns Investments alongside an agreement that all tea sold by Browns worldwide will be grown and harvested to a new set of standards covering quality, social and environmental protections.

In May, B Commodities ME FZE entered into a SPA with Ekaterra Holdco UK Ltd., Ekaterra Group Holdings BV incorporated in Netherlands to acquire the controlling stake of the four companies for a consideration to be calculated at the completion in accordance with SPA provisions.