Oct 25, Colombo: Browns Investments PLC, a diverse conglomerate in Sri Lanka has entered into an agreement with Sun & Fun resorts to acquire a 50.1 percent stake of the leisure company for a sum of Rs. 250 million.
In a stock market disclosure the investment firm said it aims to build a four-star hotel international standard hotel with 71 rooms in Passikudha, a popular beach city in the east coast.
Sun & Fun Resorts is a BOI approved firm incorporated in September 2010 and is engaged in the leisure business.
Browns Investments invests in many fast growing industries in Sri Lanka including leisure, entertainment, plantations, agri-business, construction and manufacturing needs.