Gazelle Asset Management Pte Ltd signed a share sale and purchase agreement to acquire 83.97% stake in Guardian Capital Partners PLC (COSE:WAPO.N0000) from Ceylon Guardian Investment Trust PLC (COSE:GUAR.N0000) on September 2, 2020. Under the terms of the transaction, Gazelle will acquire 21.7 million shares in Guardian Capital at a purchase price based on net asset value of Guardian Capital Partners PLC as at a date mutually agreed by the parties plus a premium of LKR 40 million. Upon completion of the transaction, Gazelle Asset Management Pte Ltd will be required to make a mandatory offer to the other shareholders of Guardian Capital Partners PLC. The transaction is subject to Guardian Capital Partners PLC disposing all its assets and settling all its liabilities which would then have the effect of substantially altering the nature of the business carried on by Guardian Capital Partners PLC thereby requiring the approval of shareholders of Guardian Capital Partners PLC. As part of the preconditions to the transaction, GAZELLE has requested GCP to hold only cash on the Balance Sheet immediately prior to the disposal. On January 7, 2021, the approval of shareholders for change in nature of business carried on by Guardian Capital Partners PLC was obtained. As per the preconditions to the agreement, On February 15, 2021, Guardian Capital Partners PLC disposed of hSenid Business Solutions (Pvt) Ltd and Findmyfare Private Limited to Ceylon Guardian Investment Trust PLC. During the year ending March 31, 2021, Guardian Capital Partners PLC disposed of its investment in LVL Energy Fund PLC. NDB investment Bank Limited acted as financial advisor to Ceylon in the transaction.

Gazelle Asset Management Pte Ltd terminated the acquisition of 83.97% stake in Guardian Capital Partners PLC (COSE:WAPO.N0000) from Ceylon Guardian Investment Trust PLC (COSE:GUAR.N0000) on October 11, 2021. The transaction was terminated due to Gazelle not completing the purchase.