Sep 13, 2017 (LBO) – Sri Lanka’s diversified Hayleys PLC has entered into an agreement with Retail Holdings (Sri Lanka) BV of Netherlands to purchase 61.73 percent stake in Singer at a price of 10.89 billion rupees, or 47 rupee per share.
The group said in a stock exchange filing that Retail Holdings (Sri Lanka) BV (RHSL), the major shareholder of Singer (Sri Lanka), has entered the agreement to sell 231,864,362 shares this evening.
Hayleys Group said it has been exploring opportunities in the consumer and retail sector and had been in negotiations with Retail Holdings in the recent past.
“Hayleys also entered into a further agreement to purchase either by itself or through its nominees the balance shareholding of 35,562,883 constituting 9.47% of the shares held by RHSL,” the group said.
“It will be within a period of 12 to 15 months from the date of the said share transaction at the option of RHSL at a price of Rs.47/- per share in compliance with the rules and regulations of the Colombo Stock Exchange.”
Singer Sri Lanka closed at 52.50 rupees, up 8.10 rupees.