Mar 27, 2018 (LBO) – United Motors Lanka said its 50 percent shareholding in TVS Lanka is to be disposed for 1 billion rupees.
United Motors in a stock exchange filing said they entered into a sale and purchase agreement with T.V. Sundaram Iyengar and Sons, India to dispose the entire shareholding of United Motors in TVS Lanka.
The share disposal is amounting to 17,500,000 shares representing 50 percent of the stated capital of TVS Lanka (Pvt) Limited.
TVS Lanka was a joint venture between United Motors PLC, T.V. Sundaram Iyengar and Sons Limited and TVS Motors of India, and specializes in motor cycles, scooters and spare parts.