Ambeon sells Ceylon Leather Products for Rs. 650 m

Ambeon Holdings  on Wednesday had disposed its 99.8% equity stake in Ceylon Leather Products Ltd., (CLP) for Rs. 650 million.The buyers were E. Thavagnanasundaram and E. Thavagnansooriyam. CLP is non-functional and only owns the land at Mattakkauliya.

According to Ambeon Holdings FY22 Annual Report, the CPL had land amounting to 721.62 perches.

In 2019 CLP transferred its shoe manufacturing business to wholly owned subsidiary Ceylon Leather Products Distributors Ltd., for its net asset value of Rs 49.4 million.Consequent to the transfer CPL transferred 6,803,250 ordinary shares held in Ceylon Leather Products Distributors Ltd., to VAST Holdings Limited for a total consideration of RS 10,000.

VAST Holdings was incorporated to hold the investment in Ceylon Leather Products Distributors Ltd., by Dr. Sarath Paranavitane and Varuna Maliduwapathirana who are directors, shareholders having extensive experience in health care, manufacturing and tea plantation.