David Pieris Logistics acquires Logicare in Rs.1.3bn deal from Ceylon Tea Brokers

D P Logistics (Private) Limited (DPL), a member of David Pieris Group of Companies, has entered into a share sale and purchase agreement for the acquisition of Logicare (Pvt.) Ltd from Ceylon Tea Brokers PLC, for an enterprise value of Rs.1.3 billion.

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From left: Capital Alliance Partners CEO Nishok Goonasekera, DPL Executive Director Indika De Silva, DPL Non-Executive Director Manjula De Alwis, David Pieris Motor Company Director Dhanika de Silva, Ceylon Tea Brokers Director Chrishantha Perera, Ceylon Tea Brokers Chairman Niraj De Mel, David Pieris Group Chairman and Managing Director Rohana Dissanayake, Ceylon Tea Brokers Managing Director Waruna De Silva, DPL Managing Director and CEO Kalumi Katipearachchi, David Pieris Holdings Director Ashan Nissanka and DPL Non-Executive Director Mavali Weerasinghe

The transaction includes a payment of Rs.635.3 million to Ceylon Tea Brokers as purchase consideration and taking over bank and other related party borrowings, making up the balance investment.