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Ambeon and connected parties buy 82% of Mylands Group for Rs. 252 m
Daily FT
|September 08, 2025
AMBEON Capital PLC and connected parties on Friday acquired an 82% stake in Mylands PLC for Rs. 252 million.
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Ambeon Capital picked up 51% stake, or 18.5 million shares, at Rs. 8.50 each in a deal worth Rs. 157 million.
Further, ATX Partners Ltd., (13.75%), Arcasia Investment and Trading Ltd., (13.95%), and Sujeewa Mudalige (3%), acting in concert with the company, purchased 30.7% stake for Rs. 94.5 million.
The parties combined will make a mandatory offer for the remaining stake in Mylands PLC, whose share price shot up by 25% on Friday to close at a new high of Rs. 14, beating the previous best of Rs. 12.40.
Announcing the deal, Ambeon said in a statement that Mylands Group presented "significant untapped potential" in the Sri Lankan real estate sector.
It said that Mylands had a reputation for identifying promising land banks, developing sustainable housing solutions, and building communities that respond to the needs of a rising middle class, as well as Sri Lanka's growing diaspora.
This story is from the September 08, 2025 edition of Daily FT.
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