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Sri Lanka’s E B Creasy & Co. buys wire maker for Rs433mn

COLOMBO (EconomyNext) – Sri Lanka’s E B Creasy & Company said it has bought Lanka Special Steels Ltd. from Tata Steel Ltd. for 433 million rupees.

The firm, a subsidiary of The Colombo Fort Land and Building PLC, bought 2.5 million shares representing 100 percent of the issued shares of Lanka Special Steels in a deal on Tuesday, a stock exchange filing said.

Lanka Special Steels Ltd. makes hot dip galvanised steel wires and has an installed capacity of 14,400 metric tonnes a year  and annual turnover of 1.4 billion rupees.