Haycarb completes amalgamation with subsidiary Ultracarb

Haycarb PLC yesterday disclosed it has completed the amalgamation of its fully-owned subsidiary Ultracarb (Private) Limited, a move aimed at boosting finances and streamlining operations.

The merger, carried out under Section 242 (1) of Companies Act No. 07 of 2007, took effect on October 1, the activated carbon maker said in a stock exchange filing. 

The entity will continue as Haycarb PLC.

The company first announced plans for the amalgamation in August, stating the move was expected to “financially and operationally benefit the company”.

Haycarb, part of Sri Lanka’s diversified Hayleys group, is a major exporter of coconut shell-based activated carbon, used in water and air purification.