Oct 17, 2018

Dhammika acquires remaining stake of Singer Sri Lanka

Sri Lankan Billionaire Dhammika Perera controlled Hayleys PLC had acquired the remaining stake of Singer Sri Lanka taking full control of the local Singer franchise.

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.