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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » BRWN granted 272 Millions Interest free loan to Browns Investments (associate 27%)?

BRWN granted 272 Millions Interest free loan to Browns Investments (associate 27%)?

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factFINDER

factFINDER
Manager - Equity Analytics
Manager - Equity Analytics

I observed that LKR 272.25 Millions of interest-free loan has been granted by Browns & Co PLC (BRWN) to Browns Investments Ltd (BI)*, which is an associate (27%).

*Pls see page 45 (under the related party transactions) - Prospectus of BI

Also it mentioned that Browns & Co PLC (BRWN) is the ultimate parent company. But as per page 21 of the same prospectus BRWN owns only 27.07% of BI. I dought whether Taprobane Holding Ltd is also a subsidery of BRWN?

It just my observation ....

Decleration - I have BRWN in my PF and will apply for IPO of BI too.



Last edited by mark on Tue Jun 21, 2011 11:20 pm; edited 2 times in total (Reason for editing : spellings)

MoneyLover

MoneyLover
Manager - Equity Analytics
Manager - Equity Analytics

BRWN "wessanthara wela" !!

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

If this is true, it is very unfair for the shareholders of BROWN. I feel BROWN spends some millions of ruppes as interest for their borrrowings and they lend others interest free. That means you borrow money at a cost and lend the same at no interests. Anotherwords you subsidise interests cost of a third party without any gain. These are the areas that Sri lanka Accountancy Board shoud look into for the interest of the shareholders.

factFINDER

factFINDER
Manager - Equity Analytics
Manager - Equity Analytics

kam2011 wrote:If this is true, it is very unfair for the shareholders of BROWN. I feel BROWN spends some millions of ruppes as interest for their borrrowings and they lend others interest free. That means you borrow money at a cost and lend the same at no interests. Anotherwords you subsidise interests cost of a third party without any gain. These are the areas that Sri lanka Accountancy Board shoud look into for the interest of the shareholders.


I have given the sourse* of the facts as well. I also don't know much about it. However under the same disclosure we can see "Ishara Traders" another related party lend money to BI and earn a big sum as interest.

If some one know more information with regard to these transactions please share with us.

*Pls see page 45 (under the related party transactions) - Prospectus of Browns Investments Ltd - can read online CSE homepage http://www.cse.lk/welcome.htm

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