Browns Investments PLC (COSE:BIL.N0000) signed an agreement to acquire 90% stake in Udapussellawa Plantations PLC and Hapugastenne Plantations PLC from James Finlay Corporation Limited for approximately LKR 1.9 billion on December 22, 2021. The consideration will be paid as to LKR 42 and LKR 28.30 per share respectively. There will be no immediate change for any of the employees of either Hapugastenne Plantations PLC and Udapussellawa Plantations PLC and Browns intends to continue to run the business as it has been operated until now. Post completion, Browns Investments PLC will be obliged to make a mandatory offer to purchase all outstanding shares in UPL and HPL. Browns Investments PLC (COSE:BIL.N0000) completed the acquisition of 90% stake in Udapussellawa Plantations PLC and Hapugastenne Plantations PLC from James Finlay Corporation Limited on December 27, 2021.