5 May 2023 06:13 am Views - 882
Australian-based mineral exploration company, Titanium Sands Limited (TSL) has announced that it executed a binding term sheet to acquire James Global (Pvt) Ltd and to appoint JAT Holdings PLC as its in-country partner to assist with TSL’s Sri Lankan operations.
This acquisition and partnership are expected to create potential synergies that could benefit both companies.
James Global is an associate company of JAT Holdings, a Colombo Stock Exchange (CSE) listed company recognised as a leader in the finishing and furnishing sectors across South Asia, Sri Lanka, Bangladesh, India, Maldives, Seychelles, Mauritius, Kenya, and Ghana.
Incorporated in 1993, JAT Holdings has been recognised in the Top 100 Most Respected Sri Lankan Companies for four consecutive years, ranked 21 among the most awarded companies in Sri Lanka in 2022, and ranked 1 in the diversified sector.
With a team of over 400 employees across its business range, JAT Holdings’ business units include supplying finishing and furnishing solutions, including coatings and paints and accessories, to local and international markets, and the direct sourcing of titanium dioxide pigments used in its products. TSL and JAT Holdings PLC both believe that the long-term outlook for ilmenite feedstock is positive, with widespread use of titanium dioxide pigments in industrial and consumer goods. The demand for titanium heavy mineral-derived pigment is strongly linked to global GDP growth.
The acquisition of James Global and the in-country partnership with JAT Holdings PLC are expected to create potential synergies that could benefit both companies.
TSL Managing Director, Dr. James Ellingford said, “We are delighted to have executed the Binding Term Sheet to acquire James Global and to appoint JAT Holdings PLC as our in-country partner.
The opportunities to work closely with JAT are significant, given their expertise in coatings and paints and direct sourcing of titanium dioxide pigments used in their products. We believe that this transaction will provide both companies with opportunities to capitalise on the significant long-term growth potential of ilmenite feedstock in Sri Lanka and elsewhere.”
The acquisition of James Global is subject to due diligence and regulatory approvals.