R I L Property PLC (COSE:RIL.N0000) intends to make a mandatory offer to acquire remaining 38.32% stake in Panasian Power PLC (COSE:PAP.N0000) for approximately LKR 1 billion on July 9, 2021. Under the transaction, R I L Property PLC will acquire 239.530355 million ordinary shares of Panasian Power PLC at a price of LKR 4.3 per share. The Offer shall be unconditional as to acceptances. As reported on August 17, 2021, Securities and Exchange Commission of Sri Lanka has instructed the offer to extend the offer. On August 19, 2021, the transaction was approved by the Securities and Exchange Commission of Sri Lanka and it instructed R I L Property PLC to extend the offer to September 6, 2021. On August 25, 2021, the transaction was approved by the Securities and Exchange Commission of Sri Lanka and it instructed R I L Property PLC to extend the offer to September 10, 2021. Transaction is expected to close by August 18, 2021 ("First Closing"). NDB Investment Bank Limited acted as financial advisor and P.W. Corporate Secretarial (Pvt) Ltd. acted as registrar to R I L Property PLC. Nithya Partners acted as legal advisor for R I L Property.

R I L Property PLC (COSE:RIL.N0000) completed the acquisition of an additional 12.4% stake in Panasian Power PLC (COSE:PAP.N0000) for approximately LKR 330 million on September 10, 2021. As of September 10, 2021, 77.41 million shares were validity accepted in tender offer.