Hayleys buys Singer Sri Lanka in largest control acquisition on CSE
ECONOMYNEXT – Hayleys Plc, a diversified group connected to entrepreneur Dhammika Perera bought control of Singer Sri Lanka, a consumer durables firm for 10.8 billion rupees.
The trade was executed by Asia Securities, who acted for both the buyer and the seller.
The trade is the largest since a 10.6 billion rupee sale of Commercial Credit stock, also done by Asia Securities.
In 2011 Malaysia’s Kazannah National Berhard bought an 8.8 percent stake in John Keells Holdings for about 14 billion rupees.
Hayleys said in a stock exchange filing that the parent bought a 56 percent stake (210 million shares), Volanka (Pvt) Ltd 3.09 percent and Carbotels 2.58 percent, making up 61.73 percent of Singer Sri Lanka.
It is making an offer to minority shareholders to buy them out at 47 rupees. A 9.7 percent stake held by Retail Holdings, the former parent will not be sold at this time, Hayleys said. There is an option to sell the stake to Hayleys in the next 12 to 15 months. (Colombo/Sept15/2017)