Singer Sri Lanka to buy control of related firms from parent

ECONOMYNEXT – Singer (Sri Lanka) Plc said it was buying out its parent in listed two captive manufacturing units with control of one unit coming below market price.

The firm said it was buying 5.58 million shares of Regnis (Lanka) Plc for 110 rupees from its foreign parent Singer (Sri Lanka) BV. The stock was quoted at 133.90 in intra-day trade Monday. Regnis mainly manufactures refrigerators.

Singer Sri Lanka Plc was also buying 3.21 million shares in Singer Industries for 206.00 rupees a share. On Friday Singer Industries fell to 192 rupees, down 7.90 rupees.

Singer Asia Limited had decided to sell the firms as part of a restructuring of the group.

The firm said the pricing was decided by an independent valuation, but the valuation report or the basis of valuation was not disclosed.

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