Ceylon Investment proposes Rs. 366 m share buyback

Friday, 24 July 2026 00:03 - - {{hitsCtrl.values.hits}}

Ceylon Investment PLC has announced plans to repurchase up to 1,800,014 ordinary shares for a maximum consideration of approximately Rs. 366 million under a share buyback approved by its Board of Directors.

The shares will be repurchased at Rs. 203.33 each, with the offer applying on the basis of one ordinary share for every 54 ordinary shares held by shareholders.

The total value of the proposed repurchase is Rs. 365,996,846.62.

Subject to regulatory concurrence, the company has proposed that the repurchase offer will open on 2 September and close on 23 September.

Ceylon Investment said its Articles of Association permit the company to repurchase its own shares with Board approval, without requiring shareholder approval, provided the transaction complies with the Companies Act.

The Board has also signed a Certificate of Solvency under Section 56(3) of the Companies Act, confirming that the company will satisfy the statutory solvency test immediately upon completion of the repurchase.

The company said it will submit the draft offer document to the Colombo Stock Exchange for its concurrence, after which the final timetable for the repurchase will be announced.

The share ended 30 cents lower yesterday at Rs. 99.70. The company reported 33.42% public float as of end-March 2026. Ceylon Guardian Investment Trust was the top shareholder with a 66.58% stake followed by JB Cocoshell Ltd. 1.56%, GIA de Silva 1.35%, ML de Silva 1.35% and Associated Electrical Corporation Ltd. 1.16%.