FINANCIAL CHRONICLE – Arcasia Investment & Trading along with ATX Partners have finalized an agreement to acquire a significant portion of shares in Industrial Asphalts (Ceylon), totaling 1,880,693,010 shares, which represents a 50.16 percent ownership stake. The shares will be purchased at a price of 40 cents each, as indicated in a recent market announcement. Following this acquisition, the companies plan to extend a voluntary offer to purchase the remaining shares available to other shareholders.

On July 7, Arcasia and ATX entered into a share purchase agreement to acquire 1.8 billion ordinary shares, which accounts for 48.03 percent of Industrial Asphalts. These shares are currently owned by director Ramanan Govindasamy and are being acquired at the same price of 40 cents per share.

Additionally, on the same day, the two firms signed another agreement to purchase 80 million shares, equivalent to a 2.13 percent stake, from Srikumar Balasubramaniyam at the same rate of 40 cents per share. The investment firms are now preparing to offer to buy the remaining shares from all shareholders, including Govindasamy and Balasubramaniyam, in compliance with the Company Take-overs and Mergers Code of 1995, amended in 2003.

“A comprehensive announcement regarding the voluntary offer will be provided in the near future,” stated the company. This acquisition is contingent upon obtaining the necessary regulatory approvals.

The initial announcement regarding the purchase did not reveal the acquisition price, which some market analysts believe has led to speculation among retail investors. The last recorded trading price for the stock was 70 cents. (Colombo/Jul10/2026)