Access Engineering PLC (AEL) has invested Rs. 131 million to acquire a 50 percent stake in the light-weight brick manufacturer, Lanka AAC Ltd.
“Access Engineering PLC announces that it has on the 25th of January 2021, Invested in new shares of Lanka AAC (Pvt) Ltd amounting to 50% of the issued capital at a total consideration of Rs. 131,008,3201,” the Company announced in a stock market disclosure today.
Lanka AAC (Pvt) Ltd is a leading player in the business of manufacturing Autoclaved Aerated Concrete (AAC) blocks, a light weight brick used in the construction industry in Sri Lanka.
The Construction material segment is currently the third-largest segment of the Access Group behind the Automible segment and its second-largest segment in terms of profits.
At end of the September quarter, the assets of the Construction material segment rose to Rs2.6 billion from RS 1.95 billion one year back.
.Access Group is one of Sri Lanka’s largest construction material producers in asphalt, ready mix concrete, and crusher products.
The Group also operate a number of quarries around the country
“In the coming years, the construction arm of the Group will remain its dominating business line. The construction material segment too is expected to have growth,” Acess Group, CHairman, Sumal Perera said.