BIL completes acquisition of two plantation companies from Finlay

Browns Investments PLC (BIL), a unit of LOLC Group, yesterday said it completed the acquisition of two plantation companies owned by the James Finaly group, which was announced last week.

Accordingly, Browns Power Holdings (Pvt.) Ltd, a fully-owned subsidiary of Browns Investments PLC, yesterday acquired 90 percent each of Hapugastenne Plantations PLC and Udapussellawa Plantations, in a deal with Rs.1.9 billion. Browns Power, as communicated in a previous market filing, paid Rs.28.30 for the Hapugastenne share and Rs.42 for the 
Udapussellawa share.

The Hapugastenna share closed at Rs.33.80 yesterday, up Rs.6.70 or 24.72 percent from the previous close while the Udapussellawa share closed at Rs.52.50, up Rs.10.50 or 25 percent.

As at September 30, 2021, the net assets per share of Udapussellawa stood at Rs.23.17 and the net assets per share of Hapugastenne stood 
at Rs.11.13.

The buyer is expected to announce a mandatory offer to the remaining shareholder of each company, as required by the Takeovers and Mergers Code, shortly. 
The Browns group in 2017 entered the plantations business acquiring FLMC Plantations but divested it within three months of the acquisition to Damro Group.