On Oct. 15, Retail Holdings (Sri Lanka) BV exited Singer Sri Lanka Plc by selling the remaining 9.47% stake to Hayleys Plc, for Rs. 1.67 billion.
The stake amounting to 35.5628 million shares was done at Rs. 47 each in a deal worth Rs. 1.67 million.
This is said to be the first time ever in Singer’s history that a local company bought the company’s global brand.
Hayleys PLC Chairman and Chief Executive Mohan Pandithage was appointed as Chairman of Singer (Sri Lanka) and Hayleys Co-Chairman Dhammika Perera was appointed as Co-Chairman of Singer (Sri Lanka) with effective from Oct. 02.