No word yet on the per share value of the transaction relevant to a mandatory offer
Piramal Glass Ceylon PLC Friday announced through a Stock Exchange filing that its Indian parent, Piramal Glass Private Ltd., was exiting the Sri Lanka company having entered into a sale and purchase agreement with another Indian company, Mumbai-based Pristine Glass Private Ltd. at a multi-billion Indian rupee price.
The consideration for the transaction, according to the disclosure is Indian rupees 5.166 billion for the total 536.33 million shares held in the Sri Lanka company by its Indian parent.
The deal involving the Sri Lanka company is believed to be part of a billion dollar mega deal under negotiation with the Blackstone Group Inc. of the U.S. was reported to be poised to buy Piramal Enterprises, Bloomberg reported on Nov. 11.
The Indian parent owns 56.45% of the Sri Lanka company with the EPF as the second largest shareholder with 9.51%. There was no word on Friday what the disclosed price for the total holding of Piramal India in the Sri Lanka company would amount to in per share terms.
“The acquisition of as much as 56.45% of the Sri Lanka company will trigger the SEC’s mandatory offer rule under mergers and acquisitions and the buyer will be required to make a mandatory offer to minority shareholders of the price he paid for the majority shares,” an analyst explained.
“Various brokers are mentioning different prices but we don’t have any clear word yet on what the Sri Lanka rupee price per share of the local company would be,” he said.
Piramal closed the week on the CSE at Rs. 9.50 trading at a range of Rs. 9.20 to Rs.10.80, up from the previous close of Rs. 8.70, with 108.47 million shares traded, amounting to 36% of the days turnover, brokers said. There has been a flurry of retail interest in the share, and consequential price gains, brokers said.
Responding to a Stock Exchange query in early December, Piramal Glass Ceylon said that their major shareholder “regularly evaluates potential opportunities in relation to its investment in the company” and that “if any disclosable event were to occur, we will announce any price sensitive information.”
Seylan Bank offers amazing discounts for Avurudu
With Avurudu just around the corner, Seylan Bank PLC is offering amazing discounts to customers purchasing daily essentials, electronics, clothing, gifts, and more. The bank with a heart will celebrate the New Year with “Ratatama Super, Avurudu Offers with Seylan Cards” and “Seylan Tikiri – Season of Gifts and Laughter”.
The bank with a heart, commenced these exciting offers and promotions to provide the best Avurudu experience to its customers young and old, and to reward them for their continued loyalty to the bank, in the spirit of festivity.
“At Seylan Bank, we want to make your Avurudu an unforgettable experience,” said Gamika De Silva, Assistant General Manager, Marketing and Sales at Seylan Bank. “These two promotions underscore our customer-centric approach which focuses on providing products and services that enhance the overall customer experience and convenience, adding value to your experience with the Bank with a Heart.”
The Bank has partnered with leading supermarket chains on selected promotions; with Keells offering 30% off on fresh meat during the weekends, Cargills providing 20% off on total bills during selected weekends, Glomark offering 20% off on the total bill on every Sunday for a limited time, Laugfs Super providing 20% off on a range of goods on every Monday for a limited time, and Premasiri Supermarket offering 20% off on vegetables & 10% off on fruits on every Wednesday & Thursday during the promotion period.
OPPO launches Avurudu song to spread seasonal cheer
OPPO recently launched an Avurudu jingle ahead of the Sinhalese & Tamil New year. Sung by OPPO brand ambassador & The Voice coach Umaria Sinhawamsa, the song also features popular personalities including actor& singer Gayan Gunawardena and choreographer Ramod Malaka& his dance troupe, Cool Steps.
The visual for the song has been shot in a scenic village atmosphere & features a host of New Year traditions of great cultural significance. The video also features the newly launched fan-favorite OPPO F19 Pro which is on offer during the season. On the first day of sales alone, the F19 Pro recorded a 200% increase in sales compared to its predecessor F17 Pro.
CEO of OPPO Sri Lanka Bob Li said: “This project helped us to immerse into Sri Lankan culture better. In keeping with the spirit of the season, evolving & upgrading, OPPO has launched two concurrent promotions: ERABADU WASI from 2-13 April & OPPO SERVICE WASI from 5 – 18 April.”
SLIM elects new president and EXCO at 51st AGM
The Sri Lanka Institute of Marketing (SLIM) held its 51st AGM, which saw the induction of its new President Thilanka Abeywardena, who will spearhead the Institute as its 43rd president. This appointment is a milestone in the history of the Institute as Ms. Abeywardena became the first ever female to hold the position of President.
The AGM was held on 7th April, 2021 at Marino Beach Hotel, Colombo. Both a new Council of Management as well as an Executive Committee were appointed during the meeting.
Thilanka currently holds the position of the CMO Lead, South East Asia Emerging Markets at Microsoft Sri Lanka (Pvt) Ltd. and leads marketing and communications across nine Asian countries; Bangladesh, Bhutan, Brunei, Cambodia, Laos, the Maldives, Myanmar, Nepal and Sri Lanka.
The newly appointed Executive Committee comprises ten experienced marketing professionals:
SLIM is the apex body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970.
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