Perea, whose has interests in banking, power generation, gaming, leisure and ceramics is offering to buy out the remaining 8.9 million shares at 41.50 rupees per share.
The stock closed at 50.50, down 6.40 rupees Wednesday.
Hayleys group, a firm connected to Perera earlier bought control of another aluminum extrusion company.
Perera's investment holding company, Vallibel One already controls Royal Ceramics. Sri Lanka government heavily protects ceramics through import duties.
Perera who had held 25 percent of the firm bought out the third largest shareholder Rhino Roofing Products which had 8.3 percent of the firm.
The majoring 50.3 percent of the firm is held by Clovis Company Ltd, which is an investment arm of Comcraft group owned by a family called Chandaria.
The firm has interests in tea and other metral extrusion firms. In the quarter to September 2010 the company had revenues of 161 million rupees, but group revenues were 721 million with profits of 12.5 most of which came from the company.