Nestlé S.A. (SWX:NESN) agree to acquire remaining 8.1% stake in Nestlé Lanka PLC (COSE : NEST.N0000) from its shareholder for LKR 6.5 billion on May 3, 2023. Under the terms of transaction, Nestlé S.A agree to pay LKR 1500 per share. Currently Nestlé S.A. holds 49.4 million shares representing 91.95% stake in Nestlé Lanka.

The board of Nestlé Lanka on May 3 decided to delist the shares of company from colombo stock exchange. Transaction is subject to Shareholder and regulatory approval. As of June 30, 2023, the Shareholders of Nestlé Lanka PLC approved the offer.

The SEC, by their letter dated August 8, 2023, has granted approval for the delisting application of Nestlé Lanka PLC. The offer will be open during the period commencing from September 14, 2023 (Opening Date) to October 4, 2023 (Closing Date). S S P Corporate Services (Private) Limited acted as Registrars to Nestlé.