Monday May 18, 2026
Monday May 18, 2026
Monday, 18 May 2026 00:21 - - {{hitsCtrl.values.hits}}
Ambeon Essentials Ltd., a subsidiary of Ambeon Capital PLC, has announced the closure of its Mandatory Offer for Harischandra Mills PLC after securing acceptances representing a 51.11% controlling stake in the company.
The company said the voluntary offer launched on 20 April was converted into a Mandatory Offer on 28 April under the Company Takeovers and Mergers Code, and expired on 14 May.
According to the disclosure, acceptances were received for 981,118 ordinary voting shares, equivalent to 51.11% of the issued shares of Harischandra Mills. The filing noted that Ambeon Essentials did not hold any shares prior to the offer period, with the entire stake acquired during the offer process.
The transaction stems from a Share Sale and Purchase Agreement announced in January for the acquisition of the controlling stake from a consortium of shareholders connected to the founding family.
Ambeon Essentials had offered Rs. 3,400 per share under both the original voluntary offer and subsequent Mandatory Offer, valuing the controlling stake at approximately Rs. 3.34 billion and implying a total equity valuation of around Rs. 6.5 billion for Harischandra Mills.
The deal attracted market attention earlier this year given the premium valuation attached to the company and Harischandra Mills’ longstanding position as a legacy Sri Lankan consumer brand.
Shares of Harischandra Mills closed Friday Rs. 86.25 on the up at Rs. 5,896. The company reported net assets of Rs. 964.60 per share as of end-December 2025. Hayleys PLC was the top shareholder with a 40.58% stake.
