Sri Lanka Singer takes control of group unit

ECONOMYNEXT – Singer (Sri Lanka) has bought a controlling 83.55 percent stake in Singer Industries (Ceylon) at 206 rupees a share from its parent Singer (Sri Lanka) BV, as part of a group restructuring, a stock exchange statement said.

The stake of 3.2 million shares of Singer Industries (Ceylon) held by Singer (Sri Lanka) BV, changed hands in an off-the floor negotiated deal.

Singer (Sri Lanka) said the deal, worth 662 million rupees, would not give rise to a mandatory offer with Singer (Sri Lanka) being a subsidiary of Singer (Sri Lanka) BV and the transfer being between ‘parties acting in concert’.

Singer group has said that as part of a revamp of its Asian operations, Singer (Sri Lanka) BV, the parent firm of Regnis (Lanka), Singer Industries (Ceylon) and Singer (Sri Lanka) will sell its controlling stakes in Regnis (Lanka) and Singer Industries (Ceylon) to Singer (Sri Lanka). (Update)
(Colombo/January 04, 2016)

 

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