Melstacorp offer

Following the acquiring of a 47 percent stake in the Pelwatte Sugar Industries, Melstacorp will make a mandatory offer to the remaining shareholders of Pelwatte Sugar Industries PLC.

A fully owned subsidiary of Distilleries Company of Sri Lanka PLC, Melstacorp Private Limited acquired a 47 percent stake of Pelwatte Suger investing Rs 880 million.

The company bought 31.9 million shares of Pelwatte Sugar from Master Divers paying Rs 27.50 per share recently.

The company making an announcement to the CSE said they received Securities and Exchange Commission approval to follow the mandatory offer procedure as required in compliance, with its regulation.