It has entered into a Share Subscription and Shareholders’ Agreement with Andaradeniya Estate Management Ltd., Saman Buddhika Rajapaksha, and AgriOne Solutions Ltd., in this connection.

AgriOne is a start-up company in the fertiliser industry driven by a team of seasoned professionals in the field, with a go-to-market strategy to secure a place amongst the key players in the industry, leveraging existing business relationships of its major shareholders in the agriculture business.

Under the terms of the Share Subscription and Shareholders’ Agreement:

• Asia Siyaka Commodities PLC will be investing a further Rs. 76.5 million in AgriOne on a staggered basis, resulting in a total investment of Rs. 255 million, represented by 255,000,000 shares of AgriOne.
• Consequent to further investments to be made by the other shareholders of AgriOne, the said 255,000,000 shares will constitute 51% of the issued shares of AgriOne.
• The company will be required to provide Corporate Guarantees up to a value of Rs. 1 billion to banks as security for import loan facilities to be obtained by AgriOne, which will amount to Related Party Transaction/s between the company and its subsidiary, AgriOne.

Accordingly, a further announcement as per the Listing Rules will follow.