Tuesday Apr 21, 2026
Tuesday Apr 21, 2026
Monday, 20 April 2026 03:35 - - {{hitsCtrl.values.hits}}
Ceylon Tea Brokers PLC said the proposed sale of its entire stake in Logicare Ltd. to DP Logistics Ltd. will not proceed after the parties failed to satisfy Conditions Precedent under the agreement.
In a statement on Thursday, the company said both parties had mutually agreed to terminate the Share Sale and Purchase Agreement signed on 30 October 2025, as the required conditions could not be fulfilled.
The transaction, first announced on 31 October 2025, involved the proposed transfer of 100% of the issued shares in Logicare Ltd., marking a full exit from the logistics subsidiary.
The deal was valued at Rs. 635.3 million, based on an enterprise value of Rs. 1.3 billion.
Logicare was established to provide integrated logistics and warehousing services, forming part of Ceylon Tea Brokers’ diversification beyond its core tea broking operations.
The divestment was positioned as part of a strategic shift to refocus on its primary business of tea broking and related services.
The counterparty, DP Logistics Ltd., is a member of the David Pieris Group, a diversified conglomerate with operations in logistics, freight forwarding, warehousing, and supply chain management.
Ceylon Tea Brokers did not disclose further details on the specific conditions that remained unmet or whether alternative arrangements are being considered.
