Sri Lanka's Lankem group gained control of C.W.Mackie PLC one of the oldest companies in Sri Lanka through the purchase of 56.4% shareholdings on Friday. Lankem and its group company Kotagala Plantations purchased 20.89 mn shares from Aarhus United A/S and its local subsidiary Ceylon Trading Company at a sale price of Rs 35 per share. The transaction was valued at 712 million rupees.
The above purchase is likely to trigger the mandatory offer required under the Takeover and Merger Code of Sri Lanka and purchasers/its partners are expected make an announcement shortly with regard to their manadtory obligation to purchase balance shareholdings of C.W.Mackie PLC at a price of Rs 35/= share.
Mr Anushman Rajaratnam the Managing Director of Lankem PLC, Mr Tom Ellawala Managing Director Ceylon Trading Company and Mr Johnny Andersson Partner Mannheimer Swartling representing Aarhus United A/S executed the agreement between companies which followed the trade of 20.89 mn shares on the Colombo Stock Exchange (CSE).
This transaction was facilitated by Mr Nishan Sumanadeera well known investment banker and a founder director of Sri Lanka Equity Analytics (www.srilankaequity.com) a company specialized in equity research and cutting edge investment banking solutions together with Sahan Kulatunga of Incapita Investments. Trade was executed by the Taprobane Securities (pvt) Limited one of the premier stock brokering company in Sri Lanka
The CW Mackie was founded in 1900 by the late Mr C.W.Mackie a Scotsman, who carried on the enterprise as Merchants and Commissions Agents under the name of ‘CW Mackie & Company’. In 1922, the business was incorporated as a private limited company. In 1946, a consortium of Ceylonese and Indian Businessman bought over the shares of the company and converted it to a public company.
The year 1971 marked a significant change when Ceylon Trading Company Limited, the Sri Lanka based subsidiary of Aarhus United A/S of Denmark, bought a part of the Indian shareholding and took over the management of the company. In late 1994, shares equivalent to 25% of the total shares in the company were issued to the public so as to broad-base the ownership of and give the Company greater access to the capital market of Sri Lanka to raise capital funds for the future diversifications and expansions.
The Group consist of CW Mackie PLC and three subsidiary companies engaged in a diversity of activities such as export of primary and manufactured products, ranging from all types of natural rubber and coconut products to rubber based products; import, manufacture and distribution of sugar; import and resale of branded marine paints and protective coatings, welding equipment and consumables, refrigeration and air-conditioning and light engineering products.
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