Sri Lanka Browns to buys into African sugar cane bio-energy firm
ECONOMYNEXT – Sri Lank’s Browns Investment said it has reached a deal to buy control of a bio-fuel producing sugar farm in the African state of Sierra Leone, which also has a renewable energy power plant.
The investment will be made through B Commodities ME (FZE), Browns units based in Sharjah, UAE.
B Commodities will pay 30 million US dollars to buy a 66.67 percent stake in Grey Reach Investment Limited, which in turn has a 75.1 percent stake in Sunbird Bioenergy (SL) Limited, which is based in Sierra Leone or about 50 percent of the company.
Sunbird Bioenergy (SL) Limited, has 23,000 hectares of land to plant sugarcane and a factory which can produce 85 million litres of bio-fuel a year, Browns said in a stock exchange filing.
Sunbird also has 32 MW power plant. (Colombo/May15/2019)