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By Madushika Gunewardena
Dhammika Perera-controlled Vallibel One and Royal Ceramics have inked a deal to fully buy Lewis Brown Limited, the holding company of Delmege Forsythe, a company which dates back to the colonial era.
The deal was done at a whopping Rs.3.1 billion.
Vallibel One, which is expected to enter the Colombo bourse shortly, has purchased 51 percent of Delmege, while Royal Ceramics (RCL) has bought 20 percent.
Dhammika and RCL Managing Director Nimal Perera bought 10 percent each and RCL CEO Tharana Thoradeniya bought 5 percent. The remaining 4 percent was bought by RCL Chairman A.M Weerasinghe.
According to Nimal Perera, this strategic acquisition will open Vallibel One the doors to FMCG business.
“Delmege is like another Hayleys” Perera said.
Delemege Forsythe is a diversified group with interest in FMCG, export and import business, shipping, freight forwarding, insurance broking, pharmaceuticals and travel. The company is owned by businessman Ricky Mendis and his family.
Vallibel One has planned an IPO on June 21 to raise Rs. 532 million by selling 21 million shares at Rs.25 a share. It completed a private placement in early 2011 also at Rs. 25 and raised Rs. 4.9 billion.
Among the company’s assets are Royal Ceramics, LB Finance, PABC, ETC and Sampath Bank.
Funds from the IPO and private placement will be used to build a 300-room hotel and to service short-term debts.
The hotel, costing Rs. 5.6 billion (50 million US dollars) is to be built in Negombo, Vaikkal in Sri Lanka's Western coast, North of capital Colombo, and will be under a new group, Greener Waters Ltd.
http://print.dailymirror.lk/business/127-local/47183.html
Dhammika Perera-controlled Vallibel One and Royal Ceramics have inked a deal to fully buy Lewis Brown Limited, the holding company of Delmege Forsythe, a company which dates back to the colonial era.
The deal was done at a whopping Rs.3.1 billion.
Vallibel One, which is expected to enter the Colombo bourse shortly, has purchased 51 percent of Delmege, while Royal Ceramics (RCL) has bought 20 percent.
Dhammika and RCL Managing Director Nimal Perera bought 10 percent each and RCL CEO Tharana Thoradeniya bought 5 percent. The remaining 4 percent was bought by RCL Chairman A.M Weerasinghe.
According to Nimal Perera, this strategic acquisition will open Vallibel One the doors to FMCG business.
“Delmege is like another Hayleys” Perera said.
Delemege Forsythe is a diversified group with interest in FMCG, export and import business, shipping, freight forwarding, insurance broking, pharmaceuticals and travel. The company is owned by businessman Ricky Mendis and his family.
Vallibel One has planned an IPO on June 21 to raise Rs. 532 million by selling 21 million shares at Rs.25 a share. It completed a private placement in early 2011 also at Rs. 25 and raised Rs. 4.9 billion.
Among the company’s assets are Royal Ceramics, LB Finance, PABC, ETC and Sampath Bank.
Funds from the IPO and private placement will be used to build a 300-room hotel and to service short-term debts.
The hotel, costing Rs. 5.6 billion (50 million US dollars) is to be built in Negombo, Vaikkal in Sri Lanka's Western coast, North of capital Colombo, and will be under a new group, Greener Waters Ltd.
http://print.dailymirror.lk/business/127-local/47183.html
