Sri Lanka’s Browns Investments said it had reached an agreement to buy Lipton tea companies in Kenya, Tanzania and Rwanda from their UK and Netherlands based parents.
The purchase will be made through UAE-based, B Commodities ME FZE, a unit of Browns Investments.
It had entered into a sales and purchase agreement (SPA) with Ekaterra Holdco UK Limited, and Netherlands based Ekaterra Group Holdings BV and Ekaterra Group Holdings 2 BV, to buy control of the Africa firms, Browns said in a stock exchange filing.
Browns Investments will buy 100 percent of Rwanda-based Lipton Teas and Infusions Rwanda Limited and 100 percent of Tanzania-based Lipton Teas and Infusions Tanzania Limited.
It will buy 98.56 percent of kenya-based Lipton Teas and Infusions Kenya Plc, and 51.99 percent of Limura Tea Plc.