Fri, 29 Mar 2024 Today's Paper

Browns in JV with Hong Kong-based firm to build US$ 70mn shopping mall

By

7 April 2017 09:47 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Browns Group yesterday entered into a joint venture (JV) agreement with a Hong Kong-based investment company to construct a US$ 70 million shopping mall and leisure centre at the current Excel World entertainment park premises.
In a stock market disclosure, Browns Investments PLC said that it entered into a JV with Zhong Tian Ding Hui (Pvt) Ltd, for investment in Browns Group’s currently fully owned subsidiary Excel Global Holdings (Pvt) Ltd.
Brown’s shareholding in Excel Global Holdings is currently valued at US$ 20 million. This will be supported by a further US$ 15 million in capital infusion from Browns, which will own 51 percent of the shareholdings in the JV, after Zhong Tian Ding Hui invests US$ 35 million to acquire 49 percent of the shares.
Browns will also arrange for a US$ 20 million loan for Excel Global Holdings.
Following the completion of the US$ 70 million shopping mall and the leisure centre, the JV will begin the second phase, which will include be a mixed development project.
Lease hold rights for the property are held by Millenium Development (Pvt) Ltd.

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H