Sri Lanka, Oct. 2 -- The Board of Directors of Lanka Walltiles PLC (LWL) has officially resolved to amalgamate its wholly-owned subsidiary, Vallibel Plantation Management Limited, into the parent entity immediately following the completion of a proposed Rights Issue.

In official disclosures submitted to the Colombo Stock Exchange (CSE) by corporate secretaries P W Corporate Secretarial (Pvt) Ltd, the company confirmed that Lanka Walltiles PLC will serve as the surviving Amalgamated Company upon completion of the transaction. The proposed amalgamation remains subject to Lanka Walltiles PLC satisfying the statutory solvency test immediately after the merger becomes effective.

Prior to executing the amalgamation, Lanka Walltiles PLC plans...