Hemas acquires remaining stake in Atlas for Rs.3.4bn

Hemas yesterday announced the acquisition of 24.9 percent stake of Atlas Axillia Company (Private) Ltd, for a total consideration of Rs.3.4 billion.
With this strategic move, Hemas now owns 100 percent of Atlas Axillia Company (Private) Limited, expanding its market presence and reinforcing its position as a key player in the Consumer Brands Sector. 

“Atlas is a market leader in the learning segment, this acquisition aligns with our long-term growth strategy and demonstrates our confidence in the company. We believe further integrating Atlas into our portfolio allows us to unlock greater synergies and value to all our stakeholders,” said Hemas Group CEO Kasturi Chellaraja Wilson.
Speaking on this acquisition, Asitha Samaraweera, Managing Director of Atlas Axillia added, “Joining forces with Hemas has been a remarkable journey so far. With this acquisition, we look forward to further leveraging the expertise and resources of the Group to drive innovation and expand our product portfolio and offering to consumers.”

Hemas initially acquired 75.1 percent of the stake in the family-owned Atlas in 2018 with the commitment to support growth and expansion of the company. 
This acquisition of the remaining stake demonstrates the Hemas’ commitment to delivering on its promise to its shareholders, leveraging on the opportunities presented by the learning segment and the company’s ability to execute its growth strategy and capitalise on emerging market opportunities, while preserving company values.