Thirugnanasambandar Senthilverl, Non Executive Director of Orient Garments PLC made an offer to acquire remaining 62.14% stake in Orient Garments PLC (COSE:OGL-N-0000) from a group of shareholders for approximately LKR 290 million in cash on February 10, 2014. Under the terms of the deal, 34.1 million shares of Orient Garments will be acquired at LKR 8.5 per share. The group of shareholders includes PCH Holdings Limited, Finco Holdings (Pvt) Limited (COSE:PCHH-N-0000), Finco (Private) Limited, Finco Investments (Private) Limited, Adam Investments (Pvt) Ltd, Seylan Bank PLC (COSE:SEYB-N-0000), Pan Asia Banking Corporation PLC (COSE:SEYB-N-0000), Gampaha District Co-operative Rural Bank Union Ltd., Bank of Ceylon, Nikan (Private) Limited, Cravings (Pvt) Ltd and others. Thirugnanasambandar Senthilverl already holds 37.86% stake in Orient Garments. A detailed offer document consisting offer terms and offer period will be dispatched to all the shareholders of Orient Garments on or before March 17, 2014. The transaction is conditional upon receipt of 50% of shares of Orient Garments. The deal has been approved by Securities and Exchange Commission. As on April 2, 2014, closing date of the offer for the offer is April 23, 2014. Capital TRUST Financial (Pvt) Ltd. acted as advisor in the offer.


Thirugnanasambandar Senthilverl, Non Executive Director of Orient Garments PLC completed the acquisition of remaining 0.01% stake in Orient Garments PLC (COSE:OGL-N-0000) for LKR 0.04 million on April 23, 2014. Thirugnanasambandar Senthilverl acquired 5,100 shares of Orient Garments PLC in the offer.