The LOLC made an announcement to Colombo Stock Exchange that the company has acquired 50% of Diriya Investments (Pvt) Ltd for a Consideration of Rs. 1.32 Billion.
With the acquiring the Browns Groups of Companies has been a subsidiary of LOLC. The Diriya Investments (Pvt) Ltd 49.8% of Brown & Company PLC and LOLC existing hold 7.4% of Brown & Company PLC. It’s made Possibility for LOLC to Acquire Brown & Company in controlling part of 57.2%.
The LOLC Investment made an initial payment of Rs. 660 Million to the seller and the balance will be settled in one year time. The strategic acquisition of both groups of companies will maximize the potential growth and Strong strategies for both companies.