ICONIC Trust (Private) Limited made an offer to acquire an additional 23.56% stake in AgStar PLC (COSE:AGST.N0000) for approximately LKR 580 million on January 5, 2022. As per offer, ICONIC Trust (Private) Limited shall acquire 72.467 million shares at LKR 8 per share. Currently, ICONIC Trust (Private) Limited holds 60.23 million shares equivalent to 19.58% stake and Browns Investments PLC, parent of ICONIC Trust (Private) Limited holds 40.52 million shares equivalent to 13.18% stake in AgStar.

Thus, 235 million shares equivalent to 76.44% stake is held by ICONIC Trust (Private) Limited and related parties. As on January 11, 2022, ICONIC Trust triggered the mandatory threshold of 50% stake and is obliged to make a mandatory offer. The transaction is expected to completed on February 21, 2022.

As on February 21, 2022, the transaction closing date is extended due to delay in finalizing the independent advisor's report. Nations trust bank has confirmed that ICONIC Trust (Private) Limited has sufficient fund deposited with bank to pay for consideration. Shashikala de Mel of P W Corporate Secretarial (Pvt) Ltd acted as manager and registrar under the Offer.

BDO Partners acted as accountant to board of directors of AgStar PLC.