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Mon, 30 March 2015 10:04:20
Sri Lanka Kshatriya exits retailing
11 Sep, 2008 13:13:19
Sept 11, 2008 (LBO) - Sri Lanka's Kshatriya Holdings will exit retailing by selling assets of its 'Magna' branded supermarket division to rival 'Laugfs' chain, the company said.
Kshatriya would sell to Laugfs the assets of nine supermarkets.

"The total consideration would be linked to the valuation of assets," the company said in a stock exchange filing.

"Magna supermarkets will cease operations on the conclusion of the sale."

Ksatriya Holdings said it expected to conclude the transaction "within the next few days."

The firm bought the chain, then known as 'Kings' and re-branded it as Magna.
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READER COMMENT(S)
1. Raigama Sep 12
Kshatriya Holdings bought everything that moved.
looks like they have begun to rationalize the portfolio-Magna locations are not lucrative. Good to see how King's turned Magna turned Laughs would fare