Business

Ambeon receives Rs. 2.9 b from Hayleys Fabric

Ambeon Holdings PLC disclosed yesterday (28) that the company has been paid Rs. 2,930,042,829 on 23 April by Hayleys Fabric PLC for its recent acquisition of a majority share in South Asia Textiles Ltd., which was disposed of by Ambeon.

Ambeon Holdings made this disclosure as a further corporate disclosure to their announcement last Friday (23) under Section 8 of the Listing Rules. 

They announced that Ambeon Holdings PLC disposed of its majority equity stake in South Asia Textiles Ltd. to Hayleys Fabric PLC for a consideration of Rs. 3,906,723,774. From the said amount, Ambeon Holdings needs to be paid Rs. 976,680,945. However, Ambeon Holdings further said that this sum may be subjected to adjustment based on due diligence. The diligence is being carried out by Hayleys Fabrics PLC.  

Last Thursday (22), Hayleys Fabric PLC and Ambeon Holdings PLC entered into an agreement in order to acquire majority equity of South Asia Textiles Ltd. and Ambeon Holdings disclosed this to the Colombo Stock Exchange (CSE) on Friday (23) under Section 8 of the Listing Rules.