Singer (Sri Lanka) stock soars on take-over speculation
ECONOMYNEXT – Singer (Sri Lanka) Plc, a consumer durables retailer soared 18 percent to 52.50 rupees on take-over speculation Tuesday, brokers said.
The stock opened at 44.20 rupees and closed at 52.50 rupees, up 8.10 rupees.
Singer Sri Lanka is part of Singer Asia, which is up for sale.
A local conglomerate which already has consumer durables franchise is tipped to be front runner in the take-over race.
Sri Lanka’s consumer durables sales have slowed after a currency collapse destroyed purchasing power of the people. A drought has also hit incomes in agricultural areas badly.
But Singer has a strong brand name and it has moved in to communications and information technology. (Colombo/Sept11/2017)