Ceyline Investments ups Dankotuwa stake to 68% following mandatory offer

Ceyline Investments Ltd. has increased its ownership in Dankotuwa Porcelain PLC to 68.19 percent through the mandatory offer, which concluded on Tuesday.

The offer, priced at Rs. 28.30 per share, was accepted by shareholders who held an 18.09 percent stake, equivalent to 29.4 million shares, resulting in a total transaction value of Rs. 832 million.

Ceyline triggered the SEC Takeovers and Mergers Code when it acquired 50.1 percent stake of Dankotuwa Porcelain, or 81.43 million shares, at a price of Rs. 28.30 each (totaling Rs. 2.3 billion) on July 13th from Ambeon Holdings PLC.

Following the completion of the mandatory offer, Ceyline’s investment in Dankotuwa Porcelain now stands at Rs. 3.1 billion.

It’s important to note that the offer did not include 36.42 million shares, representing 22.41 percent stake, held by Ambeon Holdings PLC.

As of June 30, 2023, Dankotuwa Porcelain had a public float of 27.34 percent, distributed among 4,960 shareholders.