Porcelain tableware maker Dankotuwa Porcelain PLC (DPL) said it was amalgamating with its fully-owned subsidiary Taprobane Capital (Pvt.) Ltd.
Taprobane Capital is the investment holding company of Royal Fernwood Limited, which DPL acquired in December 2013.
“The management of both companies is of the opinion that it would be administratively and financially beneficial to amalgamate and operate as one company, which Dankotuwa Porcelain PLC being the continuing entity,” DPL said in a stock exchange filing. The amalgamation will be made effective on May 31, 2016 or on such other date as may be determined by the Registrar General of Companies,
The company also said following the amalgamation, the issued shares of Taprobane Capital would be cancelled without payment or other consideration.
The board of directors of the amalgamated company would consist of R.N. Asirwatham, A.G. Weerasinghe, Mangala Boyagoda, Saneejv Gardiner, Priyantha Maddumage, Sarinda Unamboowe, Revantha Devasurendra and Murali Prakash.