Merger between Ceylon Theatres and Millers

The Board of Directors of Ceylon Theatres Limited (CTL) and Millers PLC said this week it planned to commence negotiations on a possible merger of the two companies.

The Ceylon Theatres Group of companies, in a statement to the Colombo Stock Exchange, said they feel activities should be sectorized for future growth. “The meeting was scheduled to discuss the proposed framework in which minority shareholders in Millers will be offered shares in CTL in return for their holdings in Millers on a basis yet to be determined. Furthermore, the current operations of Millers is to be consolidated under a single operating structure under Cargills (Ceylon) Limited,” it said. Cargills says that it is undertaking preparatory work leading to the consolidation. Cargills has further resolved to obtain the approval of its Board of Directors upon finalization of the plans.
(NG)