Ambeon Capital secures controlling stake in Myland Developments

Ambeon Capital PLC will acquire 18.5 million ordinary shares in Myland Developments PLC at Rs. 8.50 per share, giving it a 51.03 percent stake in the company. The transaction is scheduled to settle on 9 September 2025.

The founders of Myland, Nalin Perera and Iresha Dissanayake, divested a total of 81 percent of the company’s shares in the deal, marking the first instance of a Sri Lankan family business listing on the Colombo Stock Exchange (CSE) and successfully divesting 100 percent of the shares they held.

In addition, Ambeon-linked ATX Partners (Pvt) Ltd, Arcasia Investment and Trading (Pvt) Ltd, and Don Tiburtius Sujeewa Handapangoda Mudalige, acting in concert with Ambeon Capital, have acquired a further 11.1 million shares. Collectively, the concert parties and Ambeon Capital will hold 81.73 percent of Myland Developments.

The transaction was advised exclusively by Atarah Capital.

As the acquisition surpasses thresholds under Sri Lanka’s Take-Overs and Mergers Code, Ambeon Capital and the concert parties are required to make a mandatory offer to the remaining shareholders, with a detailed announcement expected after settlement.

Myland Developments, incorporated in March 2017, is a real estate development company aimed at helping Sri Lankans purchase land at affordable prices and build their dream homes. It was founded by Nalin Perera, a veteran of the real estate industry with over 30 years of experience.