Sri Lanka’s Environmental Resources Investment PLC has agreed to purchase 372 million shares of Browns Investment PLC, from Taprobane Holdings.
The share amount which represents 20% of the issued capital of Browns Investment PLC, is expected to be purchased at a price of Rs. 5.50 per share.
ERI in a stock market disclosure announced, that it has already entered into a binding MOU with Taproabane Holdings PLC to purchase the above said share amount.
“This purchase, which is being made as a strategic Investment, is subject to Taprobane Holdings PLC obtaining shareholders approval”, added the ERI in a stock market disclosure.