Arcasia Investment & Trading (Pvt) Ltd and ATX Partners (Pvt) Ltd have finalized agreements to acquire a controlling interest of 50.16% in Industrial Asphalts (Ceylon) PLC, which will necessitate a mandatory offer for the remaining shares of the company.
Arcasia Investment & Trading, part of Arcasia Holdings and established by renowned Sri Lankan cricketer Aravinda de Silva, will spearhead the consortium undertaking the acquisition.
As disclosed in corporate announcements on Tuesday, July 8, Industrial Asphalts Executive Director Govindasamy Ramanan has agreed to sell 1,800,693,010 shares, which constitutes approximately 48.03% of the firm’s total issued ordinary voting shares.
Additionally, the consortium will purchase an extra 80,000,000 shares, representing around 2.13% of the issued voting shares, from Srikumar Balasubramaniyam.
Upon completion of these transactions, Arcasia Investment & Trading and ATX Partners will collectively own 1,880,693,010 shares, equating to 50.16% of the ordinary voting shares of Industrial Asphalts (Ceylon) PLC.
Since this acquisition surpasses the 30% threshold as outlined in the Company Takeovers and Mergers Code of 1995, the consortium is set to make a mandatory offer to acquire the remaining ordinary voting shares from other shareholders.
The specifics regarding the offer price and other conditions of the mandatory offer will be disclosed once the Securities and Exchange Commission of Sri Lanka provides the necessary approvals for the transaction.
