Thursday Oct 09, 2025
Thursday Oct 09, 2025
Thursday, 9 October 2025 05:54 - - {{hitsCtrl.values.hits}}
E.B. Creasy & Co. PLC has made a further Rs. 400 million investment in subsidiary company Lanka Special Steels Ltd.
The investment was made by way of a direct investment of Rs. 300 million in 27.2 ordinary shares at Rs. 11.04 and converting Rs. 100 million worth of debt due from Lanka Special Steels into equity by the allotment of 9 million shares at Rs. 11.04 a share.
On 27 February 2024, E.B. Creasy disclosed that its Board had deferred an earlier decision to dispose 100% of its equity stake in Lanka Special Steels Ltd. to another of its subsidiaries Laxapana PLC in order to re-evaluate the proposed transaction.
On 8 April 2025, E.B. Creasy announced that it would convert Rs. 400 million of debt due from Lanka Special Steels into equity comprising 29.3 million shares at Rs. 13.65 each while negotiated the sale of its stake to Laxapana PLC. Discussions are still ongoing, E.B. Creasy said in stock exchange filing yesterday.
