Hayleys buys balance 9.47-stake in Singer Sri Lanka
ECONOMYNEXT – Hayleys Plc, has bought a remaining 9.47 percent stake in consumer durables retailer Singer Sri Lanka Plc, for 1,671 million rupees.
In September 2017, Hayleys bought control from Singer Sri Lanka for 10.8 billion rupees, in what was the largest trade in the Colombo Stock Exchange.
Hayleys, and its units Carbotels and Volanka bought a 61.73 percent stake at the time also for 47 rupees a share.
Retail Holdings NV, the previous parent had the option of selling remaining shares within the next 12 to 15 months.
Sri Lanka’s rupee, which has an unstable soft-peg to the US dollar has fallen since then. (Colombo/Oct15/2018)