Ambeon and connected parties buy 82% of Mylands Group for Rs. 252 m

• Move heralds significant untapped potential in Sri Lankan real estate sector
• Says with right support and resources, Mylands has potential to evolve into one of Sri Lanka’s foremost property development platforms—scalable, innovative and aligned with nation’s future growth trajectory
• Latest acquisition hot on the heels of foray into leisure sector, with Rs. 900 m worth equity stakes in iconic Sri Lankan hotel companies The Kandy Hotels Company and Ceylon Hotels Corporation

Ambeon Capital PLC and connected parties on Friday acquired an 82% stake in Mylands PLC for Rs. 252 million.

Ambeon Capital picked up 51% stake, or 18.5 million shares, at Rs. 8.50 each in a deal worth Rs. 157 million. 

Further, ATX Partners Ltd., (13.75%), Arcasia Investment and Trading Ltd., (13.95%), and Sujeewa Mudalige (3%), acting in concert with the company, purchased 30.7% stake for Rs. 94.5 million. 

The parties combined will make a mandatory offer for the remaining stake in Mylands PLC, whose share price shot up by 25% on Friday to close at a new high of Rs. 14, beating the previous best of Rs. 12.40.

Announcing the deal, Ambeon said in a statement that Mylands Group presented “significant untapped potential” in the Sri Lankan real estate sector.

It said that Mylands had a reputation for identifying promising land banks, developing sustainable housing solutions, and building communities that respond to the needs of a rising middle class, as well as Sri Lanka’s growing diaspora. 

“With the right support and resources, the company has the potential to evolve into one of Sri Lanka’s foremost property development platforms – scalable, innovative, and aligned with the nation’s future growth trajectory,” the Ambeon statement said.

By bringing these two businesses together, Ambeon is positioning itself to capture emerging opportunities in Sri Lanka’s evolving real estate landscape.

The housing market is experiencing renewed momentum, supported by urbanisation, infrastructure expansion, and a steady inflow of foreign investment. At the same time, lower interest rates and a stabilising economic environment are encouraging demand for quality housing and commercial spaces. 

Against this backdrop, Ambeon sees Mylands as a transformative vehicle that can deliver high-impact projects, while creating long-term value for communities and stakeholders alike.

Ambeon Group CEO Dr. Sajeeva Narangoda said: “We are delighted to welcome Mylands into the Ambeon family. This acquisition is more than just an expansion. It is a statement of intent about the kind of future we want to build.” 

“By integrating Mylands’ capabilities with Ambeon’s platform, we can respond to the growing demand for quality real estate solutions while also contributing to national progress. This is very much in line with our vision of building resilient, future-ready businesses that create long-term value for all our stakeholders,” he added.

Ambeon said the move into real estate is backed by a strong track record of investing in high-impact sectors. 

The Group already holds established positions in leading financial institutions such as DFCC Bank and Seylan Bank, which provide a solid foundation in banking and finance. 

In August, Ambeon Group acquired Rs. 900 million worth equity stakes in iconic Sri Lankan hotel companies The Kandy Hotels Company and Ceylon Hotels Corporation. The move further enhances its ability to deliver integrated real estate and lifestyle solutions. 

Over time, these investments have strengthened Ambeon’s ability to navigate complex markets, integrate diverse businesses, and deliver results that benefit both shareholders and society at large.

“With the acquisition of Mylands Group, Ambeon is once again demonstrating its belief in the potential of Sri Lanka’s economy. The Group remains committed to ethical practices, innovation, and stakeholder engagement as it continues to build businesses that are resilient, responsible, and relevant for the future,” the company said.