Browns Investments PLC (COSE:BIL-N-0000) agreed to acquire remaining 39.21% stake in Browns Capital PLC (COSE:FLCH-N-0000) for LKR 3.1 billion on May 22, 2018. As consideration, Browns Investments will issue 2 shares for every 1 share of Browns Capital. In total Browns Investments will issue 1.1 billion shares for the amalgamation. Post completion, Browns Investments will amalgamate with Browns Capital Holdings (Pvt) Ltd. Upon completion Browns Capital Holdings (Pvt) Ltd. will cease to exist and Browns Capital will become a direct wholly owned subsidiary of Browns Investments. Brown Capital will be removed from official list of Colombo Stock Exchange. The transaction is subject to approvals from Colombo Stock Exchange, shareholders of Browns Investments PLC and Browns Capital PLC and other requisite approvals. The board of Browns Capital and Browns Investments PLC approved the transaction on May 22, 2018. The transaction is in principally approved by Colombo Stock Exchange on January 25, 2019. The shareholders of Browns Investments PLC and Browns Capital PLC approved the transaction on March 8, 2019. The transaction is expected to complete on March 29, 2019. Capital Alliance Partners Limited acted as valuer for the transaction.

Browns Investments PLC (COSE:BIL-N-0000) completed the acquisition of the remaining 39.21% stake in Browns Capital PLC (COSE:FLCH-N-0000) on May 21, 2019.