Board of Directors of Tokyo Cement Company (Lanka) PLC has resolved the amalgamation of TOKYO Super Cement Company Lanka (Private) Limited, a fully owned subsidiary company with Tokyo Cement Company (Lanka) PLC (TCCL). The name of the amalgamated Company will be Tokyo Cement Company (Lanka) PLC and the amalgamation shall take effect on May 31, 2019 or such date as may be decided by the Registrar General of Companies.
By the terms of this amalgamation, all TOKYO Super Cement Company Lanka (Private) Limited shares (Amalgamating Company) representing the Stated Capital of the Company will be cancelled without payment or any other consideration and TCCL will succeed to all the assets and liabilities of TOKYO Super Cement Company Lanka (Private) Limited. The Articles of Association of the amalgamated company will be the same as the Articles of the amalgamating company (TCCL) whose Shares are not cancelled.
The proposed amalgamation is in the best Interests of both Companies - TCCL and TOKYO Super Cement Company Lanka (Private) Limited. Further, the proposed amalgamation of TOKYO Super Cement Company Lanka (Private) Limited with TCCL in accordance with the proposed scheme would enable all companies to realize benefits of greater synergies between their businesses and avail of the financial resources as well as the managerial, technical, distribution and marketing resources of each other in the Interest of maximizing shareholder and stakeholder value.
0 comments: