Blue Ocean Residencies (Private) Limited made a mandatory offer to acqiire remaining 40% stake in Kelsey Developments PLC (COSE:KDL.N0000) from P.A. Schaffter, R. Schaffter, M. Mathews, Pan Asia Banking Corporation PLC and others for approximately LKR 170 million on November 29, 2022. The offeror will pay LKR 24.60 cash per share for 6,971,710 shares not already owned in Kelsey. Prior to this transaction, the offeror owned a 60% stake in Kelsey. The offeror has sufficient resources to fund this offer.

The offeror does not intend to make any major changes to the business operations and employment of any employee of KDPLC as a result of this offer. The offer is unconditional as to acceptance from the offer open date and the offeror must accept and pay for all shares tendered at the offer price. The offer has been approved by the Board of Directors of offeror unanimously. The offer is subject to Board of Directors approval of Kelsey. The offer Period will commence on December 26, 2022 and end on January 17, 2023. SSP Corporate Services (Private) Limited is acting as the Registrars to the offer.