Lanka Realty Investments PLC (COSE:ASCO.N0000) (Offeror) made an offer to acquire remaining 49.2% stake in On'ally Holdings PLC (COSE:ONAL.N0000) for LKR 1.4 billion on December 8, 2020. The Offeror will acquire 45.8 million shares at a price of LKR 30.2 per share. In related transaction the offeror acquired 50.8% stake in On'ally Holdings PLC on December 3, 2020.

The offer is unconditional. The transaction is subject approval from Securities and Exchange Commission of Sri Lanka. The tender offer period will start from December 12, 2020 and will end on January 1, 2021.

The transaction is expected close on January 1, 2021. As of December 31, 2020, new closing date of the Offer will be seven days from the date of dispatch of the Independent Advisor's Report and the Directors views, comments and advice to the shareholders by the Offeree. As of January 27, 2021, the new closing date of the offer will be February 3, 2021.

Shashikala de Mel of P.W. Corporate Secretarial (Pvt) Ltd. acted as a manager and registrar to On'ally Holdings PLC. Merchant Bank of Sri Lanka & Finance PLC acted as independent advisor to provide advice to Board of Lanka Realty Investments.