Ali Asgher Shabbir Gulamhusein made a mandatory offer to acquire the additional 16.7% stake in Ceylon and Foreign Trades PLC (COSE:CFT-N-0000) for approximately LKR 120 million on July 27, 2017. Under the terms, Ali Asgher Shabbir offered to acquire 23.51 million shares at LKR 5 per share. In a related transaction, Ali Asgher Shabbir acquired the additional 60.96% stake in Ceylon and Foreign Trades PLC for approximately LKR 430 million on July 27, 2017. The offer is unconditional. The transaction is subject to obtain approval from Securities and Exchange Commission of SriLanka. As on September 13, 2017, the tender offer period has been extended. As on September 18, 2017, the closing date for the offer is September 28, 2017. Ali Asgher Shabbir Gulamhusein completed the acquisition of 2.32% stake in Ceylon and Foreign Trades PLC for LKR 16.3 million on September 28, 2017. Upon completion, Ali Asgher Shabbir Gulamhusein will hold 90.8 million shares represent 64.7% stakes in Ceylon and Foreign Trades PLC. The transaction has been approved by Securities and Exchange Commission of SriLanka.