The Firm advised Arcasia Investment & Trading (Pvt) Ltd (“Arcasia”) and ATX Partners (Pvt) Ltd (“ATX Partners”) in their proposed acquisition of the controlling interest of approximately 50.16% of the total issued shares in Industrial Asphalts (Ceylon) PLC (“IAC”) through a voluntary offer made in terms of Company Take-overs and Mergers Code 1995 (as amended in 2003).
The voluntary offer is intended to be made pursuant to a share sale and purchase agreement entered into on 7th July 2026 between Arcasia, ATX Partners, and Mr. Ramanan Govindasamy for 48.0% shares in IAC, and a separate agreement with Mr. Srikumar Balasubramaniyam for 2.13% shares in IAC. The proposed acquisition remains subject to approval by the Securities and Exchange Commission of Sri Lanka. Further details of the voluntary offer, including the offer price and terms, will be announced in due course by Arcasia and ATX partners.
IAC was founded in 1964, and is an investment holding company with interest in various ventures and investments including but not limited to the bitumen space.
Our team consists of Buwaneka Basnayake, Partner & Head of Capital Markets, Praveeni Algama, Partner and Nuwan Perera, Associate.