Acquisition of shares by three blue chip companies

John Keells Holdings PLC (JKH) announces that it has acquired on the Colombo Stock Exchange the following shares in its associate and subsidiary companies for a total consideration of Rs 1,599,909,965.

Shares amounting to 13,864,965 (37.0 per cent) of Union Assurance PLC at Rs. 72 per share 4,361,311 shares (20.2 per cent) of Ceylon Cold Stores PLC at Rs. 115 per share 1,657,300 shares (10.9 per cent) of John Keells PLC at Rs. 60 per share had been acquired.

Further to the above acquisitions, JKH’s shareholding in John Keells PLC will increase to 86.9 per cent and the John Keells Group shareholding in Union Assurance PLC and Ceylon Cold Stores PLC will increase to 73.9 per cent and 80.5 per cent respectively.

JKH will be making a mandatory offer for the remaining shares of Union Assurance PLC not held by JKH under Section 31 of the Company Take-Overs and Mergers Code 1995.