Ambeon completes Dankotuwa Porcelain sale to Ceyline Investments

Ambeon Holdings PLC yesterday completed the sale of 50.10 percent stake in Dankotuwa Porcelain PLC to Ceyline Investments Ltd, which was first announced in mid-June.

The sale of shares was carried out in the market as a crossing of 81.4 million shares at Rs.28.30 per share for a total consideration of Rs.2.3 billion. 

The sale of shares will trigger a mandatory offer requirement as per the Takeover and Mergers Code.

Accordingly, Ceyline Investments is expected to announce a mandatory offer to acquire the remaining shares of Dankotuwa Porcelain at Rs.28.30 per share.

Dankotuwa Porcelain is a leading manufacturer, exporter and supplier of table porcelain in Sri Lanka. Its products, which are sold under its own brands of Dankotuwa and Royal Fernwood, with leading client brands such as Lenox, Macy’s, Portmerion, Dansk, Caskata, Oneida and NEXT are available in several countries including Australia, Greece, Germany, India, Italy, Japan, Kenya, Kuwait, Maldives, Moldova, Norway, Oman, Singapore, South Africa, Spain, Sweden, UK, United States, Uzbekistan and UAE.

Ceyline Group has emerged as one of the most diversified marine companies in the country with interests in education, healthcare and leisure & travel.

Dankotuwa Porcelain Group reported earnings of Rs.3.60 per share or Rs.585.3 million for the quarter ended March 31, 2023, up 198 percent year-on-year, on revenue of Rs.5.9 billion.

The company’s net assets per share stood at Rs.19.40, up from Rs.16.17 a year ago. 

As of March 31, 2023,  Ambeon Holdings PLC held 72.51 percent stake in Dankotuwa Porcelain, followed by 10.72 percent stake by Almas Holdings (Pvt) Ltd.