News & market updates

Ambeon Essentials (a subsidiary of Ambeon Capital PLC) has appointed Dr. Sajeeva Narangoda, Aravinda de Silva, Savanth Sebastian and Sujeewa Mudalige to the Board of Harischandra Mills PLC with effect from 12 May.

Myland Developments PLC appointed independent non-executive director Savanth Sebastian as Chairperson of its Board. He brings 21 years of experience in economics and financial services and holds senior roles at Colombo City Holdings and Ambeon Capital.

Myland Developments PLC appointed Dr. Damindra Ranjan Dissabandara to its Board as an Executive Director. Dr. Dissabandara, who is CEO of Colombo City Holdings PLC, has over 25 years' experience in corporate leadership, academia and consultancy.

Myland Developments PLC appointed Savanth Sebastian and Ravi Goonetilleke as Independent Non‑Executive Directors and Dr. Kanchana Narangoda as an Executive Director. The appointees bring experience and links to firms including Ambeon Capital, Colombo City Holdings, Dankotuwa Porcelain, Hemas and Nations Trust Bank.

HNB Investment Bank, as independent adviser, has recommended Myland Developments shareholders reject Ambeon Capital's mandatory offer of Rs. 8.50 per share, saying it is below most fair-value estimates. HNBIB's valuations: DCF Rs. 9.57, peer P/BV Rs. 12.74, 1-month VWAP Rs. 18.86; consortium holds 81.73% and offered 18.27% remaining at Rs. 8.50.

Ambeon Capital (TAP.N0000) announced a mandatory offer for 18.27% of Myland (MDL.N0000) at Rs.8.50 per share for 6.62m shares (Rs.56.3m). Ambeon and connected parties earlier acquired an 82% stake in Myland for Rs.252m, including Ambeon picking up 51%.

Ambeon Capital said it will make a mandatory offer to buy the remaining 6,621,377 ordinary voting shares (18.27%) of Myland Developments at Rs 8.50 a share. The move follows earlier purchases that, with concert parties, raised the group’s holding to 81.73%, triggering the takeover code.

Ambeon Capital bought 18.5 million Myland Developments shares at LKR 8.50, raising its stake to 51.03% and, with concert parties, to 81.73%; it will make a mandatory offer to remaining shareholders. Myland shares traded up LKR 3.50 to LKR 17.50.

Myland Developments founders divested 81% of the company at Rs. 8.50 per share, completing the sale of controlling interest after its CSE listing. Atarah Capital acted as exclusive transaction adviser.

The Colombo market closed with the ASPI at 20,992, up 16 points, on turnover of Rs.5.6 billion; weekly ASPI and S&P SL20 fell 0.03% and 1.19% respectively. Property, capital-goods and consumer services stocks led turnover while select hotels and developers saw mixed flows and sizable corporate stake transactions were reported.