Friday Jul 17, 2026
Friday Jul 17, 2026
Friday, 17 July 2026 00:02 - - {{hitsCtrl.values.hits}}
Industrial Asphalts (Ceylon) PLC shareholders are to receive a voluntary takeover offer at 40 cents per share after Arcasia Investment and Trading Ltd., and ATX Partners Ltd., agreed to acquire a controlling 50.16% stake in the listed company through privately negotiated Share Purchase Agreements.
The consortium has entered into binding agreements dated 7 July to acquire an aggregate 1,880,693,010 ordinary shares, representing approximately 50.16% of the company’s issued share capital, at 40 cents per share.
The acquisition comprises 1,800,693,010 shares, or approximately 48.03% of the issued share capital, from Director Ramanan Govindasamy and a further 80 million shares, representing around 2.13%, from Srikumar Balasubramaniyam, both at the same price of 40 cents per share.
Pursuant to the Agreements, Arcasia and ATX intend to make a voluntary offer to acquire the ordinary shares held by all remaining shareholders, including the two vendors, at 40 cents per share, in accordance with the Takeovers and Mergers Code 1995 (as amended).
The proposed voluntary offer is subject to the necessary approvals from the Securities and Exchange Commission of Sri Lanka, with a detailed announcement on the offer to be made in due course.
Industrial Asphalts shares ended Friday unchanged at 70 cents a share. The company reported assets of 47 cents a share as of end-March 2026. Govindasamy was the top shareholder with a 48.03% stake, followed by Senthilverl Holdings (4.71%), B. Srikumar (4.27%), A.J.S.N. Amerasinghe (2.04%), and S.A. Gulamhusein (2.04%).
