Browns Investments unit to offload Maldives resort for US $ 57.5mn

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Browns Investments PLC yesterday disclosed that its subsidiary Browns Ari Resort (Private) Limited has signed a sale and purchase agreement to sell the assets and business of Barcelé Whale Lagoon Maldives Resort to ASB Hotel Properties Maldives Private Limited.

The sale will be for a total consideration of US $ 57.5 million, under Section 8 of the Listing Rules. Barceló Whale Lagoon Maldives is an exclusive five-star resort, located in the South Ari atoll. Completion of the transaction is subject to certain conditions precedent, such as obtaining the regulatory and third-party approvals in the Maldives and a further announcement will be made upon completion of the deal.

***NOTE: The print version of this article has captured the deal as US$ 7.5 million instead of US$ 57.5 million. The error is regretted and is rectified in the online version.