Headquartered in Rathmalana, Piramal Glass Ceylon founded in 1955 has engaged in the manufacture of glass bottles for various purposes including that of pharmaceuticals, food and beverages and cosmetics.
The company’s new owners PGP Glass, a subsidiary of BCP Topco V. Ltd which is part of the Blackstone Group managed to acquire 22.2% additional stake in the company via the mandatory offer which closed last week.
PGP initially held 56.45% stake in the company. Following the offer the company totalled 78.65% of the company stake included in 747.23 million additional shares. The shares were to be offered at a price of LKR 11.60 per share, however following a calculation the price was increased to LKR 11.86 per share with PGP obtaining the additional 22% with the purchase of 210.9 million shares.
As of the 31st of December, 2020 the public shareholding at Piramal was 43.2% which was held by 14,474 shareholders, a slight increase of 12,526 shareholders the previous year. NDB Investment Bank which acted as the independent advisor to the mandatory offer estimated that the ordinary share value of Piramal was LKR 8.49 which represented a 29.7% premium.
The company recorded a total revenue of LKR 5.9 billion with a pre-tax profit of 706.7 million and a post- tax profit of LKR 694 million. The company recorded a turnover of 7.5 billion with a post-tax profit of 389 million for FY20. The success of the company according to investors is largely due to faster than expected return to normalcy following the post Co-vid 19 environment.
No.820, Mount Cresent,Malabe,Sri Lanka