Ambeon Capital PLC will raise up to Rs.4.0 billion via a Rights Issue of up to 100 million shares at Rs.32 (up to Rs.3.2bn) and a contingent private placement of up to 25 million shares at Rs.32 (up to Rs.800m). Proceeds are intended to reduce gearing and fund new equity investments; both offers require CSE and shareholder approvals.
Industrial Asphalts sold 1,800,693,010 shares (48.03% control) to Arcasia Investment & Trading and ATX Partners (agreement dated July 7); trading was halted and the stock last traded at 50 cents.
Construction Activity
Ada Derana·May 20, 2026·Earnings & resultsPositive
Ambeon Capital PLC reported consolidated PAT of LKR 3,242 million for FY2025/26, up 104% YoY. Group revenue was LKR 19 billion (+12%), with strategic moves including increased stakes in DFCC (9.91%) and Seylan (9.93%), a 13.33% holding in Ceylon Hotels and a planned controlling stake in Harischandra Mills.
Ambeon Capital's subsidiary Ambeon Essentials closed its mandatory offer for Harischandra Mills with acceptances representing a 51.11% controlling stake at Rs.3,400 per share. The controlling stake was valued at ~Rs.3.34 billion (total equity ~Rs.6.5 billion); Hayleys was the top shareholder with 40.58%.
Harischandra Mills PLC appointed four new directors, effective 12 May 2026, following Ambeon Capital PLC’s acquisition of a controlling stake via its subsidiary Ambeon Essentials. Appointments are Sujeewa Mudalige, Dr. Sajeeva Narangoda, Savanth Sebastian and Aravinda de Silva (representing Ambeon Essentials).
Ambeon Essentials (a subsidiary of Ambeon Capital PLC) has appointed Dr. Sajeeva Narangoda, Aravinda de Silva, Savanth Sebastian and Sujeewa Mudalige to the Board of Harischandra Mills PLC with effect from 12 May.
Colombo Stock Exchange closed up: ASPI +1.30% (284.12 pts) to 22,128.66. Top contributors included John Keells, Melstacorp and National Development Bank; turnover was Rs5.016bn and HNB Finance announced a Rs2,499,529,714 rights issue (2 for 9).
Ambeon Capital (via subsidiary Ambeon Essentials) launched a voluntary offer to buy all Harischandra Mills shares at Rs.3,400 per share (equity value ~Rs.6.5bn); the SPA covers 51.11% (981,118 shares) at Rs.3.34bn and the offer will convert to a mandatory offer on acceptance.
Colombo Stock Exchange fell 3.4% over the week; ASPI closed at 21,375.73 (-0.21%) and S&P SL20 at 5,999.99, with turnover of 2.67 billion rupees. Top negative contributors were John Keells, NDB and Cargills, while Ambeon Capital's subsidiary offered to buy 1,919,600 Harishchandra shares at Rs 3,400.
Ambeon Essentials (a subsidiary of Ambeon Capital) made a voluntary offer to buy 1,919,600 ordinary voting shares of Harischandra Mills at Rs 3,400 per share. Hayleys previously offered Rs 3,300 after acquiring a 40.58% stake, and Harischandra was trading at Rs 4,810.25.
ASPI fell 1.33% to 20,364.97 as the market reacted to Middle East tensions and rising crude oil prices. Market turnover was Rs.2.37bn, the market has lost over Rs.1.1tn since 28 Feb, primary negative contributors were DOCK, JKH, RIL, DIAL and CFIN, while JKH, SINS and DIAL saw largest foreign outflows and PKME, WIND and TAP largest inflows.
Ambeon Capital's subsidiary Ambeon Essentials signed an agreement to acquire a 51.11% controlling stake in Harischandra Mills (price undisclosed). Harischandra shares jumped Rs.1,396 (25%) to Rs.6,982 after the announcement.
Consumer Staples (FMCG)
Ada Derana·Jan 26, 2026·M&A / stake changePositive
Ambeon Capital PLC (via subsidiary Ambeon Essentials) signed an SSPA to acquire 981,118 shares (about 51.11%) of Harischandra Mills PLC and will make a voluntary offer for the remaining shares; the deal is subject to regulatory approvals.
Seminar on safeguards under the amended Companies Act No. 12 of 2025 will be held on 27 Jan (2–5pm) at NH Collection, Colombo 3. Organisers say the amendments place new responsibilities and stricter penal sanctions on company secretaries and directors; speakers include HNB and LOLC Insurance chairs.