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Link: http://asiantribune.com/news/2011/07/23/sri-lanka-browns-investments-acquires-excel-world
By J.A. Fernando in Colombo
A subsidiary of Sri Lanka’s Brown & Company (BRWN) and Taprobane Holdings and LOLC Investments, Browns Investments (BIL) recently announced that it has acquired Excel World, the No.1 entertainment park in financial capital Colombo.
One of the prominent tourist destinations of Colombo, Excel World Entertainment Park Colombo is situated at T.B. Jayah Mawatha lane in Maradana area of the Colombo city.
According to an Official from Browns Group, the company will further develop the Excel World property added with a star class hotel as a fully fledged entertainment house in future.
“We acquired it for a nearly Rs.1 billion and I must say that the price is really attractive since a perch in that area is valued at around Rs.5 million and we were able to get the whole 950 perches land at a bargained price of Rs.1 million per perch” he said.
Sri Lanka’s Excel World Entertainment Park is probably the first theme park in Colombo that offers the excitement of a 4 D simulation motion theater. The theater named 'Cinematrix' shows films which are all movies related to space adventure and there are multiple gaming areas at the Excel World Entertainment Park.
The game zone has some of the latest range of gaming machines which are a hot favorite among the children especially. The game arcades are known by the names 'Game Zone', 'Ground Zero' and 'Lazer Runner'. With an impressive 12 lane Bowling Alley named 'Strikes'. For experienced climbers the artificial climbing mountain named 'Gecko Grip' is a hot pick. Other attractions at the Excel Park consist of dining areas consisting of fast food as well as specialty restaurants, bars and pubs. One cannot rule out the entertainment factor however as the evenings at the Excel Park are packed with live musical performances, DJ's night and Karaoke events and the Excel World Entertainment Park also excels in providing quality business services and is a great venue for events, exhibitions, functions, promotional programs, theme parties and festivals.
In March 2003, then titled ‘Millennium Park’, the country's only leisure and entertainment complex that is few meters opposite Browns Group head office, was earlier acquired by Excel Global Holdings (Pvt) Ltd, a cash-rich multi sectoral business group led by Chairman Francis Chokatte and family , in major private transaction worth Rs. 100 million and was renamed as ‘Excel World’.
That time it was followed by the Excel Global Holdings (Pvt) Ltd’s announcement that it had acquired the shares of Millennium Development (Pvt) Ltd, the company that owned and managed the landmark five-acre Colombo complex, from Link Holdings Ltd, and the Union Bank. At the time of acquisition Excel Group Chairman Francis Chokatte had said that the investment was the group's first venture into the leisure industry, and disclosed plans to invest more than Rs. 1.5 billion to convert the complex into a world class family entertainment facility. Chokatte revealed that time plans for the first phase, costing at estimated Rs. 400 million over a 15-month period, included construction of an ultra modern complex of multiplex cinemas, simulation rides, shops, restaurants and a spectacular roof-top water park - a first for Sri Lanka - comprising adventure rides, slides, wave pools and bumper boats.
However the latest acquisition of ‘Excel World’ by Browns Investments came amid Browns Investment (BIL) concluding its IPO which was oversubscribed by 5 times late June this year. Browns Investments was raising Rs.250 million to develop a star class 150 rooms hotel, Samudra Beach Hotel at Down South, Kosgoda. The construction of the Samudra Beach Hotel project is scheduled to commence in June 2011, and commercial operation is scheduled for December 2012.
The hotel would be owned, operated and managed by Samudra Beach Resorts (Pvt) Ltd, which is currently being incorporated as a 100% owned subsidiary of Browns Investments. The prospectus of the Browns Investments notes that the estimated cost of the project is valued at Rs.1.5 billion and would be entirely funded by equity where the balance funds required for the project has already been raised via the private placement of shares that took place on 3 February 2011.
Browns Investments’ 27.07% is held by Brown & Company, with Taprobane Holdings having 27.07%, LOLC Investments having 13.26% and island nations savings giant National Savings Bank having a 5.52% stake. The company was offering 50 million shares at Rs.5 per share on 23 June Browns Investments also has strategic stakes including 30% in LOLC Leisure, 50% in Free Lanka Capital, 39.67% in Taprobane Capital which has a 68.95% of Royal Fernwood Porcelain, 3.21% in Free Lanka Capital Holdings, 10% in Sierra Constructions, 9.99% in Sierra Holdings, and 9.99% in Agstar Fertilizers.
- Asian Tribune -
By J.A. Fernando in Colombo
A subsidiary of Sri Lanka’s Brown & Company (BRWN) and Taprobane Holdings and LOLC Investments, Browns Investments (BIL) recently announced that it has acquired Excel World, the No.1 entertainment park in financial capital Colombo.
One of the prominent tourist destinations of Colombo, Excel World Entertainment Park Colombo is situated at T.B. Jayah Mawatha lane in Maradana area of the Colombo city.
According to an Official from Browns Group, the company will further develop the Excel World property added with a star class hotel as a fully fledged entertainment house in future.
“We acquired it for a nearly Rs.1 billion and I must say that the price is really attractive since a perch in that area is valued at around Rs.5 million and we were able to get the whole 950 perches land at a bargained price of Rs.1 million per perch” he said.
Sri Lanka’s Excel World Entertainment Park is probably the first theme park in Colombo that offers the excitement of a 4 D simulation motion theater. The theater named 'Cinematrix' shows films which are all movies related to space adventure and there are multiple gaming areas at the Excel World Entertainment Park.
The game zone has some of the latest range of gaming machines which are a hot favorite among the children especially. The game arcades are known by the names 'Game Zone', 'Ground Zero' and 'Lazer Runner'. With an impressive 12 lane Bowling Alley named 'Strikes'. For experienced climbers the artificial climbing mountain named 'Gecko Grip' is a hot pick. Other attractions at the Excel Park consist of dining areas consisting of fast food as well as specialty restaurants, bars and pubs. One cannot rule out the entertainment factor however as the evenings at the Excel Park are packed with live musical performances, DJ's night and Karaoke events and the Excel World Entertainment Park also excels in providing quality business services and is a great venue for events, exhibitions, functions, promotional programs, theme parties and festivals.
In March 2003, then titled ‘Millennium Park’, the country's only leisure and entertainment complex that is few meters opposite Browns Group head office, was earlier acquired by Excel Global Holdings (Pvt) Ltd, a cash-rich multi sectoral business group led by Chairman Francis Chokatte and family , in major private transaction worth Rs. 100 million and was renamed as ‘Excel World’.
That time it was followed by the Excel Global Holdings (Pvt) Ltd’s announcement that it had acquired the shares of Millennium Development (Pvt) Ltd, the company that owned and managed the landmark five-acre Colombo complex, from Link Holdings Ltd, and the Union Bank. At the time of acquisition Excel Group Chairman Francis Chokatte had said that the investment was the group's first venture into the leisure industry, and disclosed plans to invest more than Rs. 1.5 billion to convert the complex into a world class family entertainment facility. Chokatte revealed that time plans for the first phase, costing at estimated Rs. 400 million over a 15-month period, included construction of an ultra modern complex of multiplex cinemas, simulation rides, shops, restaurants and a spectacular roof-top water park - a first for Sri Lanka - comprising adventure rides, slides, wave pools and bumper boats.
However the latest acquisition of ‘Excel World’ by Browns Investments came amid Browns Investment (BIL) concluding its IPO which was oversubscribed by 5 times late June this year. Browns Investments was raising Rs.250 million to develop a star class 150 rooms hotel, Samudra Beach Hotel at Down South, Kosgoda. The construction of the Samudra Beach Hotel project is scheduled to commence in June 2011, and commercial operation is scheduled for December 2012.
The hotel would be owned, operated and managed by Samudra Beach Resorts (Pvt) Ltd, which is currently being incorporated as a 100% owned subsidiary of Browns Investments. The prospectus of the Browns Investments notes that the estimated cost of the project is valued at Rs.1.5 billion and would be entirely funded by equity where the balance funds required for the project has already been raised via the private placement of shares that took place on 3 February 2011.
Browns Investments’ 27.07% is held by Brown & Company, with Taprobane Holdings having 27.07%, LOLC Investments having 13.26% and island nations savings giant National Savings Bank having a 5.52% stake. The company was offering 50 million shares at Rs.5 per share on 23 June Browns Investments also has strategic stakes including 30% in LOLC Leisure, 50% in Free Lanka Capital, 39.67% in Taprobane Capital which has a 68.95% of Royal Fernwood Porcelain, 3.21% in Free Lanka Capital Holdings, 10% in Sierra Constructions, 9.99% in Sierra Holdings, and 9.99% in Agstar Fertilizers.
- Asian Tribune -
