LOLC client Browns Power buys 60.3 pct stake in Agalawatte

July 15, 2016 (LBO) - LOLC Securities, under rule 36 of the Company Takeovers and Mergers Code, has informed the Colombo Stock Exchange that their client Browns Power Holdings (Private) Limited has purchased 60.

3 percent of Agalawatte Plantations PLC. Browns Power Holdings purchased 15,200,000 Voting ordinary shares of Agalawatte Plantations PLC (AGAL.N.0000) on 14th July 2016 from Mackwood Plantations (Pvt) Ltd for 304 million rupees. Rule 36 states: Any person or persons acting in concert with such person who acquire or hold ten per centum or more of the shares or voting rights of a company shall report their holdings to such company, the Commission and the Stock Exchange within two market days of such acquisition.