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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Royal Ceramics acquires 80% stake of Lanka Ceramic Group

Royal Ceramics acquires 80% stake of Lanka Ceramic Group

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Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
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.

http://www.dailynews.lk/2013/05/07/bus01.asp



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

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Post the link next time..

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Watch RCL carefully, they should find money to finance this deal.

Will they go for a right issue or debentures?

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@seek wrote:Watch RCL carefully, they should find money to finance this deal.

Will they go for a right issue or debentures?

" The entire acquisition is financed by HNB, whose Acting CEO Jonathan Alles was commended by Nimal for agreeing to the deal via a call over the weekend."

http://www.ft.lk/2013/05/07/in-their-dna/

Will any bank do for me as well?

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