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Sri Lanka Vallibel One leads Rs 3.1bn take-over; plans to list new acquisition
16 Jun, 2011 18:22:21
By Ishara M Gamage
June 16, 2011 (LBO) - Sri Lanka's Vallibel One, a firm controlled by businessman Dhammika Perera which led a 3.1 billion rupee take-over of privately held Delmege Forsythe Thursday, will take the new buy public, an official said.
Vallibel One deputy chairman Nimal Perera said the acquisition was part of a strategy to make the firm one of the island's biggest conglomerates.

Vallibel One bought 51 percent of Delmege, and Royal Ceramics, a subsidiary, 20 percent while Vallibel chairman Dhammika Perera, and its executive deputy chairman Nimal Perera, bought 10 percent each.

Another five percent of Delmege was bought by Tharana Thoradeniya, a director of Royal Ceramics and the balance four percent by A M Weerasinghe, Royal Ceramics' chairman.

The acquisition was made through the purchase of Lewis Brown & Company, which controls the Delmege group.

Perera told LBO the new buyers would take Delmege Forsythe public soon.

He said Delmege Forsythe had prime land in Sri Lanka's capital valued at two billion rupees.

The take-over of Delmege comes just ahead of an initial public offer of Vallibel One which is opening on June 21 to raise 532 million rupees by selling 21 million shares at 25 rupees a share.

It had a private placement early in 2011 also at 25 rupees and raised 4.9 billion rupees. Among the firm's assets are listed Royal Ceramics, LB Finance and Sampath Bank.

Vallibel One is also planning to build 50 million dollar hotel in the island's west coast.

Update IV

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