Colombo, 01 September 2026 – Industrial Asphalts (Ceylon) PLC (IACL) today announced the formal release of the Independent Advice Report and the Board Opinion concerning the Voluntary Offer, which subsequently converted into a Mandatory Offer, made by Arcasia Investment & Trading (Pvt) Ltd and ATX Partners (Pvt) Ltd. This critical disclosure, made in compliance with the Company Takeovers and Mergers Code 1995 (as amended in 2003), provides shareholders with essential information to evaluate the acquisition proposal.
Understanding the Offer and Its Evolution
The journey began with a Voluntary Offer initiated by Arcasia Investment & Trading (Pvt) Ltd and ATX Partners (Pvt) Ltd, targeting the acquisition of shares held by existing shareholders of Industrial Asphalts (Ceylon) PLC. In a significant development for the Colombo Stock Exchange (CSE) listed entity, this initial voluntary offer transitioned into a Mandatory Offer, triggering specific regulatory requirements under Sri Lanka’s Company Takeovers and Mergers Code.
The current offer empowers IACL shareholders to consider selling their holdings to the Offerors. The Independent Advice Report and the Board Opinion are pivotal documents designed to guide shareholders through this decision-making process.
Regulatory Compliance and Independent Scrutiny
In adherence to Rule 12 of the Company Takeovers and Mergers Code, Industrial Asphalts (Ceylon) PLC engaged Atarah Capital (Private) Limited as its Independent Advisors. Atarah Capital’s role was to provide an impartial assessment of the Offer, ensuring transparency and fairness for all stakeholders.
Furthermore, in accordance with Rule 13(2) of the Code, the Board of Directors of Industrial Asphalts (Ceylon) PLC has meticulously prepared its views, comments, and advice on the Offer Document submitted by Arcasia Investment & Trading (Pvt) Ltd and ATX Partners (Pvt) Ltd, taking into full consideration the advice furnished by the Independent Advisors.
Both the Independent Advice Report and the Board Opinion underwent rigorous review and received approval from the Securities and Exchange Commission of Sri Lanka (SEC) on 31st August 2026. This approval signifies that the documents meet the regulatory standards required for such a significant corporate action.
Next Steps for Shareholders
NINECAP CORPORATE SOLUTIONS (PVT) LTD, serving as the Company Secretaries for Industrial Asphalts (Ceylon) PLC, confirmed that in line with the Code, the Independent Advice Report, together with the Board Opinion, will be officially dispatched to all shareholders by 2nd September 2026. This dispatch will provide IACL investors with the comprehensive insights necessary to make an informed decision regarding the Mandatory Offer.
The availability of these reports underscores the commitment of Industrial Asphalts (Ceylon) PLC and the regulatory bodies to ensure that shareholders are fully apprised and protected during corporate takeover processes on the CSE.
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