Royal Ceramics acquires 80% stake of Lanka Ceramic Group
H.D.H Senewiratne
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Nimal Perera
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A consortium of investors led by Royal Ceramics, has purchased 24
million shares of Lanka Ceramic PLC held by Ceylon Theatres Group at a
price of Rs.120 per share amounting to 80 percent of its stakes
yesterday.
Royal Ceramics Managing Director Nimal Perera, told the Daily News
Business that they have negotiated the deal and Royal Ceramics bought 21
million shares of Lanka Ceramics, while ultimate parent of Royal
Ceramic, Vallibel One PLC controlled by businessman Dhammika Perera,
bought one million shares.
Perera said that he and Lanka Ceramics Chairman Anthony Page who is
acting in concert in the deal, bought one million share parcels each.
Perera said, the mandatory offer to purchase the remaining share
would be given by the consortium comprising himself, Royal Ceramics,
Vallibel One and Anthony Page.
He also said that Lanka Ceramics Plc had several subsidiaries under
its wing and Horana Plantation and Parquet Ceylon Ltd, was some of the
companies.
Lanka Ceramic Plc products include ceramic tiles, wall tiles, floor
tiles, refractory products, and corrugated cartons. It also involves in
the management of plantations. The company is based in Colombo, Sri
Lanka. Lanka Ceramic PLC is a subsidiary of Ceylon Theatres PLC. With
the purchase of its stakes by Royal Ceramics, it will dominate the
entire local market in the country. Further, the Horona Plantations
under Lanka Ceramics will be incorporated into the Royal Ceramics, which
controls 7,000 hectare of area under the plantation sector, he said.
“Since Royal Ceramics Plc also has estates in the plantation sector,
it would, strengthen that sector with this acquisition,” he said
Lanka Ceramic PLC engages in the mining and processing, manufacture,
retail, and wholesale trading of ceramic and allied products in Sri
Lanka and internationally. |
