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23 January, 2013 07:26 AM Source: Financial Times - Sri Lanka
Obstacles to agreement.jpg

Taprobane Holdings Plc (TAP) yesterday exited completely from Browns Investments Plc (BIL), selling the remaining 9% stake to the latter’s related party Brown and Company for Rs. 730.4 million.

The stake amounting to 162.3 million shares was done at Rs. 4.50 each. In November TAP sold a 20% stake in BIL at Rs. 5.50 per share to Environmental Resources Investment Plc (ERI) in a deal worth Rs. 2 billion.

In return TAP acquired a 29% stake in ERI for Rs. 1.7 billion. More...

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