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.
Last edited by smallville on Tue May 07, 2013 7:07 am; edited 1 time in total (Reason for editing : link)