Hayleys to buy Singer Sri Lanka in Rs12.5bn deal
Sep 13, 2017 17:02 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's Hayleys Plc said it is buying a 71 percent stake in Singer Sri Lanka Plc, a consumer durables manufacture and retailer for 12.56 billion rupees.
Hayleys and its nominees will pay 10.89 billion rupees will buy a 61.7 percent stake for 47 rupees per share immediately and another 9.47 percent stake over the next 12 to 15 months for the same price.
Hayleys in controlled by entrepreneur Dhammika Perera.
In speculative trading Singer rose to 52 rupees yesterday, higher than the disclosed price for Singer.
Hayleys has been on an acquisition spree in recent years which has pushed up leverage. (Colombo/Sep13/2017)