The Firm advised Hong-Kong based SiS Group, through its subsidiary World Elite Limited (“WEL”), in the acquisition of a strategic stake of 50.01% stake in Gestetner of Ceylon PLC (“GEST”), a listed company on the Colombo Stock Exchange (CSE) engaged in the import and supply of office automation products.WEL is incorporated in Hong Kong and is wholly owned by SiS Investment Hondling Limited, a BVI entity, which in turn is a wholly owned subsidiary of SiS International Holdings Limited (“SiS International”), a company listed on the main board of Hong Kong Stock Exchange (HKEX) and the principal holding entity within the SiS Group.
SiS International operates across three key business segments:
Following this acquisition, in accordance with the Company Takeovers and Mergers Code 1995, WEL is required to make a mandatory offer to the remaining shareholders of GEST. This process is currently ongoing.
Our team was led by Buwaneka Basnayake – Partner, Praveeni Algama – Partner, Afra Laffar – Senior Associate and Nuwan Perera – Associate.