CSE News Updates

Responding to media reports on the latest acquisition of Excel Global Holdings by Browns Group, the Board of Directors of Browns Investments  Limited  (BIL) wishes to state that Browns Investments Limited purchased the entirety, save one share, of  the shares of Excel Global Holdings (Private) Limited (“the Company”) on 22nd of July 2011 from Francis Chokatte, Sherly Chokatte and Excel Global Holdings Limited. 

The notice further said that the Company is the majority shareholder of Millennium Development (Private) Limited, which  by Lease Agreement No. 1555 dated 11th March 2003, has leasehold rights to the land on which  Excel Park is presently located.

“Browns Investments Limited wishes to state that it has plans to expand the existing facilities which are presently on the premises” the notice said adding the Board of Browns Investments Limited further wishes to state that any development or improvements will be made strictly in compliance with the provisions of the aforementioned Lease Agreement and in consultation with Incorporated Trustees of the Church of Ceylon, which is the owner of the said Land.

Moreover, any such improvements and developments will be made in a manner that will bring substantial value to the premises and to all stakeholders of the premises including the Incorporated Trustees of the Church of Ceylon.

In another development representing the lawyers for Incorporated Trustees of the Church of Ceylon, Attorney at law Neelakandan in a letter to Mirror Business had informed that it is incorrect and false for anyone to claim that “they have another 72 years according to the lease agreement to operate and run the property which is almost like an outright purchase” quoting our story titled ‘BIL to unveil mega plan for Excel World’.

Neelakandan in a second response had further stressed that the renewal of the lease is again giving a wrong impression in our second story titled “Browns looks at alternative location for City hotel’ published on yesterday.

Browns, Neelakandan...

However in our story we quoted the stock exchange filing by Browns (BRWN) that said “Excel Global Holdings is the 100% shareholder of Millennium Development Ltd which  holds the long term lease of Excel World property located at Darley Road which is in extent of over six acres for a period of 40 years, and renewable for another 40 years.”

When queried from Neelakandan about the correct period of the lease, Neelakandan denied to respond, adding that he cannot disclose the terms of the lease.

source - www.dailymirror.lk