Consortium Launches 40-Cent Voluntary Takeover Offer for Industrial Asphalts 📈

• The Deal: Arcasia Investment and Trading Ltd. and ATX Partners Ltd. have agreed to acquire a controlling 50.16% stake (1,880,693,010 ordinary shares) in Industrial Asphalts (Ceylon) PLC through privately negotiated Share Purchase Agreements (SPAs) dated July 7, 2026. • The Transaction: The consortium is purchasing approximately 48.03% of the issued share capital from Director Ramanan Govindasamy and a further 2.13% from Srikumar Balasubramaniyam, both at a price of 40 cents per share. • The Voluntary Offer: Following these acquisitions, Arcasia and ATX intend to launch a voluntary offer to acquire all remaining ordinary shares from minority shareholders at the same price of 40 cents per share, subject to SEC approval. • Market & Financial Context: • The offer price of 40 cents represents a discount compared to Industrial Asphalts' last closing price of 70 cents per share (as of Friday). • The company reported assets of 47 cents per share as of end-March 2026. • Ramanan Govindasamy is currently the top shareholder (48.03%), followed by Senthilverl Holdings (4.71%) and B. Srikumar (4.27%).