Ceyline ups Dankotuwa stake to 68% via mandatory offer

Ceyline Investments Ltd., has increased its stake in Dankotuwa Porcelain PLC to 68.19% via the Mandatory Offer which concluded on Tuesday.

The offer at Rs. 28.30 per share had been accepted by shareholders owning 18.09% stake or 29.4 million shares for a total consideration of Rs. 832 million.

Ceyline triggered the SEC Takeovers and Mergers Code when it purchased 50.1% stake or 81.43 million shares at Rs. 28.30 each (Rs. 2.3 billion) on 13 July from Ambeon Holdings Plc. 

Post mandatory offer, Ceylines’ investment in DPL amounts to Rs. 3.1 billion.

The offer didn’t include 36.42 million shares or 22.41% stake held by Ambeon Holdings PLC.

As at 30 June, 2023, DPL had a public float of 27.34% held by 4,960 shareholders.