Hayleys buys Singer Sri Lanka for Rs.10.89 b

Sri Lanka’s diversified conglomerate Hayleys PLC, announced that Singer (Sri Lanka) Plc, a consumer durables firm had become a subsidiary of Hayleys PLC with effect from yesterday following the company (Hayleys) entered into an agreement with Retail Holdings (Sri Lanka) BV of Netherlands to purchase 61.73 percent stake in Singer at a price of Rs. 10.89 billion or Rs. 47 per share.

In terms of the Company Take-overs and Mergers Code 1995 (as amended), Hayleys PLC together with the parties acting in concert, would be making a Mandatory Offer to purchase the balance 108,201,585 ordinary shares in Singer (Sri Lanka) PLC constituting approximately 28.80% of the total number of ordinary shares in issue (excluding approximately 9.4 7% held by the retail Holdings (Sri Lanka) BV who has confirmed to Hayleys PLC that they would not be accepting the offer).

Hayleys Group said it has been exploring opportunities in the consumer and retail sector and had been in negotiations with Retail Holdings in the recent past. 

 

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