Singer Sri Lanka parent sells down stake
ECONOMYNEXT – The parent of consumer durables retailer Singer Sri Lanka Plc, has sold down a part of its stake, in the wake of the firm exiting from some Asian countries.
The parent sold 6.04 million shares out its 107.81 million shares in the firm, which made up an 86 percent stake controlling stake, sources familiar with the matter said.
The shares in tranches of 5.0 million, 0.8 million and 0.24 million were sold at 114.30 rupees per share in a 690 million deal, trading data showed.
Singer Sri Lanka’s parent was widely expected to exit or sell-down its stake following the sale of a Pakistan unit.
The parent also has been transferring stakes in other Sri Lankan affiliates to Singer Sri Lanka Plc over the past year.
Singer Sri Lanka is part of Singer Asia which has operations in Thailand, India and Bangladesh.
The Sri Lankan unit’s stock is held through Singer Sri Lanka BV, an investment vehicle owned by Retail Holdings, the ultimate parent company. (Colombo/Mar23/2016)