Sri Lanka cable maker ACL buys 51-pct stake in local cable firm for Rs481mn

Nov 27, 2019 (LBO) – Sri Lanka’s cable and conductor manufacturer, ACL Cables has entered into a share sale and purchase agreement to acquire 51 percent of the issued shares of Cable Solutions (Private) Limited for 481 million rupees.

The overall transaction contemplated includes the purchase of up to 75 percent of the issued shares of Cable Solutions from its existing shareholders by the company and a consortium of investors.

The purchase, however, is subject to several conditions, identified in the agreement, being completed by the existing shareholders and Cable Solutions prior to the purchase by inter alia the company.