Ambeon makes Millennium ITESP a wholly owned subsidiary

Ambeon Holdings PLC has made Millennium ITESP a fully owned subsidiary as part of restructuring of the Group.

The move follows Ambeon buying a 22% stake in Millennium ITESP for Rs. 800 million held by Green Field Ventures Ltd., in Eon Tech, which holds a 64.36% stake in the software giant. Ambeon held 78% stake in Eon Tec. Green Field was a Special Purpose Vehicle. Ambeon Holdings Chairman and Director holds the same position in Finance Land and General Ltd., which is linked to Green Field.

Ambean said the transaction was carried out in accordance with the Group’s restructuring proposal to restructure the ownership and operational structures of its businesses with a view to streamlining the structure of the Ambeon Group and thereby maximising value and returns to the shareholders.

The Related party Transactions Review Committee of Ambeon was of the view that the transaction is on normal commercial terms and is not prejudicial to the interests of the entity and its minority shareholders. ln forming this view, the Related Party Transaction Review Committee took into consideration a recent valuation of MIT obtained from an independent expert.

Last week, a 27.3% stake in Ambeon Capital, the parent of Ambeon Holdings was acquired by a consortium involving cricketing hero Aravinda de Silva for Rs. 1.56 billion. Ambeon Capital Group has interests in footwear, manufacturing porcelain, investments, property, financial services and IT and related services.