Ekta Global concludes mandatory offer; charts strategic future for Ceylon Printers

Singapore-based investment firm Ekta Global Ltd., has announced the successful conclusion of its acquisition process, securing a 63.62% controlling stake in Ceylon Printers PLC (CPRT) at a price of Rs. 119 per share. 

The acquisition, amounting to 381,840 ordinary voting shares, was finalised on 12 November 2024, underscoring Ekta Global’s strategic vision to expand into high-growth sectors.

As stipulated by Rule 31(l) (a) of the Company Takeovers and Mergers Code of 1995 (as amended in 2003), Ekta Global Ltd. was required to make a mandatory offer to acquire the remaining 36.38% of CPRT shares at the same price of Rs. 119.00 per share. This corresponds to 218,330 additional shares, representing a total value of Rs. 25,981,270.00. The offer price is in compliance with regulatory requirements, reflecting the highest price paid by the Offeror in the 12 months preceding the acquisition.

The mandatory offer expired on 7 January 2025, with no shareholders opting to sell their shares. 

This outcome reflects strong market confidence in Ekta Global’s strategic vision and its ability to unlock the potential of Ceylon Printers PLC. Following Ekta Global’s acquisition of the majority stake, CPRT’s share price soared to Rs. 550, underscoring heightened investor optimism.

First board meeting and new appointments

The first board meeting of Ceylon Printers PLC was held on 10 January 2025, marking a significant step in the company’s strategic transformation. During this meeting, the new Board of Directors was appointed, led by Independent Non-Executive Chairman Sanjeev Gardiner.

Board Members:

Sanjeev Gardiner – Independent Non-Executive Chairman. Gardiner is the Owner and Chairman of The Gardiner Group, which owns The Galle Face Hotel, one of Asia’s oldest hotels. He also chairs Ceylon Hotels Corporation PLC and several other entities, leveraging his expertise in hospitality, investments, and philanthropy.

Dinesh Weerakkody – Independent Non-Executive Director. A renowned corporate leader, Weerakkody has chaired major banks and institutions, including Hatton National Bank PLC and Commercial Bank of Ceylon PLC. He has extensive experience in governance, banking, and economic policy.

Indrajith Fernando – Independent Non-Executive Director. A professional accountant with leadership roles in accounting organisations and businesses, Fernando brings expertise in governance, finance, and strategic planning.

Niro Cooke – Non-Executive Director. A Group Director at The Capital Maharaja, Cooke has significant experience in infrastructure, energy projects, and promoting sustainable economic development in the region.

Sandamali Chandrasekera – Non-Executive Director. An Attorney-at-Law, Chandrasekera specialises in commercial law, governance, and international contract negotiations. 

Dinusha Herath – Non-Executive Director. With over two decades in international banking, Herath brings valuable insights into risk management and governance.

• Jason Yatawara – Non-Executive Director. A finance professional with expertise in project finance and renewable energy, Yatawara contributes robust financial acumen.
• Sarrani Arseculeratne – Independent Non-Executive Director. Arseculeratne has a strong background in financial services, corporate governance, and strategic advisory, with experience in both local and international markets.

Ekta Global Ltd., headquartered in Singapore, operates as an investment firm powered by its parent company, Shore Tree Holdings Ltd. Shore Tree Holdings specialises in high-growth industries, including fintech, e-commerce, and digital transformation. The company’s mission focuses on enabling innovative businesses and entrepreneurs to reach their full potential by leveraging strategic acquisitions and active growth support.

Ekta Global’s acquisition of Ceylon Printers PLC aligns seamlessly with its vision to capitalise on emerging market opportunities and foster sustainable growth. Backed by the extensive resources and expertise of Shore Tree Holdings, the firm is committed to driving transformation and creating value for stakeholders without being constrained by traditional asset ownership.

Strategic vision for Ceylon Printers PLC

Although CPRT has ceased its business operations, Ekta Global views the acquisition as a unique opportunity to reimagine the company’s future. CPRT’s status as a listed entity provides a strategic platform to explore capital-raising initiatives and facilitate diversification into high-growth sectors.

Ekta Global’s strategic vision includes:

1. Revitalisation of business operations: By leveraging its expertise and capital resources, the Offeror aims to reposition CPRT as a competitive player in fintech, e-commerce, and digital transformation. These sectors align with Ekta Global and Shore Tree Holdings’ proven track record of success.

2. Creating synergies: The Offeror plans to integrate CPRT’s operational capabilities with the extensive knowledge and networks of Ekta Global and Shore Tree Holdings to unlock synergies and enhance shareholder value.

3. Long-term growth and sustainability: With an infusion of capital and a strategic realignment, the Offeror intends to foster sustainable growth while addressing CPRT’s historical challenges. The overarching goal is to build a robust and competitive enterprise that contributes positively to the broader market ecosystem.

The acquisition underscores Ekta Global’s commitment to driving innovation and growth in emerging industries. By transforming CPRT into a high-performing entity, the Offeror is poised to deliver long-term value to shareholders while making a meaningful impact in the sectors it operates.

With the mandatory offer now concluded and investor confidence bolstered, stakeholders eagerly anticipate the next phase of growth and transformation for Ceylon Printers PLC.