The diversified conglomerate, Browns Investments PLC last week acquired the balance 49 percent stake in aluminium and glass fabrication provider, Ajax Engineers (Pvt) Limited, making it a fully-owned subsidiary, the company said in a disclosure to the Colombo Stock Exchange (CSE) last week.
The balance stake was acquired at a purchase consideration of Rs.100 million.
Browns Investments PLC first bought into Ajax back in January 2012 through its 51 percent acquisition for a consideration of Rs.100 million. In recent times Browns Investments has been gaining full control of its group companies which it did not enjoy 100 percent ownership.
In a similar move, Browns Investments which had a minority interest of 30 percent in LOLC Leisure, acquired the balance shareholding to become the sole shareholder of that company in March 2014. Thereafter, the company was re-named as Browns Hotels and Resorts Limited and is an aggressive player in the domestic leisure sector under which are Eden resort & Spa and Dickwella Resort & Spa and Green Paradise, Dambulla.
Browns Investments is an investment vehicle which has business interests in manufacturing, constructions, plantation, leisure and hydro power.
Brown & Company PLC is the single largest shareholder in Browns Investments with a 38.42 percent stake in the company.
This is followed by a 20 percent stake by Lanka Century Investments PLC and a 13.71 percent stake by LOLC investments Limited.
Ajax Engineers (Pvt) Limited is a leader in installing aluminium curtain walls, doors, windows and glass facades.
The company started operations in 1982 and is a super contractor (classified F1 by ICTAD) and is qualified to handle projects of any magnitude. The company has a workshop in Ragama equipped with German and Austrian machinery.
Courtesy: Daily Mirror 30 June 2015