18th November 2011, the Ceylon Leather Product PLC announced to Colombo Stock Exchange, that the company has made finalized agreement to acquire 60% of the Stated capital of Palla and Company (private) Limited at a Consideration of Rs. 120,926,571.00
The Palla and Company (private) Limited is a footwear manufacturing company for the export market, the company has established on 2004 as BOI Approval company. The Palla and Company (private) Limited has recorded Rs.559 Million as Revenue for the financial period of 31st March 2011.
Further Ceylon Leather Product PLC has made agreement to made invest sum of Rs.298,641,313 for 298461 of Fully paid Non Voting, Convertible, Redeemable, Cumulative preference shares of Palla and Company (private) Limited at a coupon rate of 8%. The upon share covered after the date of 17th November 2012.