Billionaire Sri Lankan businessman seals Rs. 2.57 billion deal for 40% of Harischandra Mills
The Morning: In a significant transaction on the Colombo Stock Exchange (CSE), prominent Sri Lankan businessman and billionaire Dhammika Perera has completed the acquisition of a 40% stake in Harischandra Mills PLC, a well-established company known for its consumer goods and milling operations.
Market sources confirmed the deal’s closure recently, with Perera purchasing 778,946 shares from Senthilverl Holdings (Pvt.) Ltd., the investment arm of Dr. T. Senthilverl, Harischandra Mills’ major shareholder. The shares were acquired at Rs. 3,300 each, totaling approximately Rs. 2.57 billion.
This marks Perera’s fourth major deal in this year, highlighting his continued aggressive expansion across diverse sectors. Just last month, in September, his flagship investment firm Vallibel One PLC, along with subsidiary LB Finance PLC, announced plans to secure a majority stake in Associated Motor Finance Company PLC, another CSE-listed entity in the finance sector.
Perera’s activity earlier this year included two other high-profile moves: orchestrating the merger of Laufs Holdings and Vallibel Three to consolidate influence in key industries and acquiring a majority stake in East West Properties PLC on 8 July 8 for Rs. 3.23 billion, strengthening his real estate portfolio.
OSL take:
Sri Lanka’s ongoing economic activities and the overall economic expansion have presented many business/investment opportunities to both local and foreign businesses/investors. However, it is Sri Lanka’s economic resilience, the quick turnaround after facing an unprecedented economic crisis in 2022 and the return towards a growth trajectory with a target of achieving regional hub status that have boosted the confidence of foreign businesses/investors to explore the business/investment opportunities in Sri Lanka. The continuing positive movements in the Colombo Stock Exchange and the ongoing high-value business transactions in the local businesses further indicate the growth and business potential in Sri Lanka. Given that Sri Lanka is ready, thriving and open for business, foreign businesses/investors could confidently explore the expanding business/investment opportunities in the country’s key economic sectors. Foreign businesses could also look at expanding operations through local collaborations while also setting up bases in the country to engage with other countries in the region.
| Article Code : | VBS/AT/20251024/Z_3 |