EconomyNext – Sri Lanka’s Browns Group has bought a Maldivian island for 1.5 million US dollars (195 million rupees) to build a resort hotel as part of its plan to expand its hotel business.
The acquisition of Badufaru Beach Resort (BBR), which holds a 50-year lease for the island of Bodufarufinolhu in the Maldives archipelago, was made jointly by three Browns group firms, Browns Investments, Eden Hotel Lanka and Palm Garden Hotels.
They each invested 500,000 dollars for a 33.33 percent stake in Badufaru Beach Resort (Private Ltd) with the aim of developing a resort hotel, the firms said in separate stock exchange filings.
Bodufaru will become an associate company of Eden Hotel Lanka and a subsidiary of Browns Investments, and Palm Garden Hotels.
Browns Investments is a subsidiary of the 135-year-old Brown & Company group whose ultimate parent company is LOLC.