Browns Investments PLC said it has signed an agreement with Sun & Fun Resorts Ltd to invest Rs.250 million to acquire 50.1 percent of the company and to construct a four-star international standard hotel in Pasikudah with 71 rooms.

Sun & Fun Resorts Ltd is a Board of Investment company incorporated in 2010.

Browns Investments PLC is an investment vehicle of Brown and Company PLC, now controlled by the LOLC group.