Lankem buys Ceylon Tapes for Rs. 130 m

Tuesday, 8 April 2014 00:01 - - {{hitsCtrl.values.hits}}

Lankem Ceylon Plc announced yesterday it has purchased the entirety of the shares of Ceylon Tapes Ltd. (0.8 m ordinary shares and 0.2 m preference shares), which is engaged in the business of manufacturing and trading of adhesive tapes, for Rs. 130 million. Lankem also announced that it purchased an equity stake of 43.6% of Waverly Power Ltd. from Agarapatana Plantations Ltd. for Rs. 102 million. Both companies, Waverly Power Ltd. and Agarapatana Plantations Ltd., are indirect subsidiaries of Lankem.

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