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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Cargills plan to delist Kotmale & run merged dairy operation

Cargills plan to delist Kotmale & run merged dairy operation

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SHARK aka TAH

SHARK aka TAH
Expert
Expert

Cargills (Ceylon) PLC (CCP) has sent out an offer document to voluntarily acquire all the remaining ordinary shares of Kotmale Holdings PLC (KHP) not already owned by Cargills or any other person acting in concert with Cargills offering a price of Rs.62.50 per share which is a premium over the Rs.55 per share paid to acquire the major stake of the company.

The Kotmale shares are owned by Cargills Quality Foods Limited (CQF) and Cargills Quality Dairies (Pvt) Limited (CQD). Cargills is now paying the Rs.62.50 price of the volunatary offer to buy Kotmale on the secondary market increasing its shareholding of that campany to over 95%.

"The ultimate intention of CCP is to delist KHP from the official list of the CSE and subsequently merge the operations of KHP with CQD. The objective of this restructure is to create a unified entity focusing on carrying out the dairy operations of the group.

"The business operations will be continued under KHP until the entities are amalgamated. Subsequently to amalgamation, the business operations of KHP will be continued under the merged entity with the absorption of the assets and liabilities.

"The surviving amalgamated company will absorb all employees of KHP and its subsidiaries at the date of amalgamation and will continue to be employed by the entity," the offer document said.

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