Ambeon Capital to acquire 51.1% stake in Harischandra Mills

Ambeon Capital PLC said it has entered into an agreement to acquire a controlling stake in Harischandra Mills PLC, marking a significant move in Sri Lanka’s listed consumer goods space.

In a disclosure to the Colombo Stock Exchange (CSE), Ambeon said its wholly-owned subsidiary Ambeon Essentials (Private) Limited signed a Share Sale and Purchase Agreement on January 24, 2026, to acquire 981,118 ordinary voting shares of Harischandra Mills. 

The transaction represents approximately 51.11 percent of the company’s total issued voting shares and will be purchased from a consortium of the existing investors.

The acquisition, which is subject to the regulatory approvals, will give Ambeon effective control of the heritage food manufacturer, best known for its staple consumer brands in the local market.

Ambeon Essentials also said it intends to make a voluntary offer to acquire the remaining ordinary voting shares of Harischandra Mills from all shareholders, in line with the Takeovers and Mergers Code and other applicable regulations. The offer price and detailed terms will be announced once the required approvals are obtained. In October 2025, Hayleys PLC purchased 778,946 ordinary shares of Harischandra Mills, at Rs.3,300 each, amounting to a 40.58 percent stake in the company, for Rs.2.57 billion from Senthilverl Holdings Ltd.

In December, Hayleys announced a mandatory offer to acquire the remaining shares of Harischandra Mills, which concluded with minimal acceptance from the shareholders, having received valid acceptances for only 1,080 shares, representing a mere 0.06 percent of the shares in issue.

The shares of Harischandra Mills last traded at Rs.6,982, up 25 percent from the previous close, while Ambeon Capital closed at Rs.44.20 on the CSE yesterday.