COLOMBO (EconomyNext) – Sri Lanka’s ODEL Plc, which is controlled by Softlogic Plc, said it was buying the group’s branded retailing unit for 599.9 million rupees in a move to integrate their retail assets.
ODEL Plc had bought 99.99 percent of Softlogic Brand (Pvt) Ltd, from Softlogic Retail (Pvt) Ltd and Dai-Nishi Securities (Pvt) Ltd.
The firm said Softlogic Brands had 41,000 square feet of prime retail space in Colombo and a portfolio of 20 brands.
The acquisition was made with the aim of "unlocking the post-acquisition synergies" between Odel and Softlogic group.
Odel will also settle 1.1 billion rupees due to Soflogic Retail by Softlogic Brands on or before 31st March 2015, the statement said.