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Singer Sri Lanka seen upping stake in sewing machine unit

29 June 2016 10:31 am - 0     - {{hitsCtrl.values.hits}}

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Leader in white goods retailing, Singer Sri Lanka PLC this week bought further into its sewing machines manufacturing subsidiary—Singer Industries Ceylon PLC— further consolidating its controlling stake in the latter. According to a filing to the Colombo Stock Exchange, on June 27, Singer Sri Lanka bought 59, 753 shares or 1.56 percent stake in its subsidiary for Rs.11.6 million increasing the stake to 86.89 percent. This week’s deal valued Singer Industries’ share between Rs.193.0 and Rs.195.0, lower than Rs.206 it paid on January 04 to buy 83.55 percent stake in the company from Singer (Sri Lanka) B.V. in

Since January 04, Singer Sri Lanka PLC accumulated its stake in Singer Industries up to 86.89 percent in several little share purchase deals with a share value between Rs.140 and Rs.195. The ultimate parent company of Singer Sri Lanka group, Singer (Sri Lanka) B.V. is seen trimming its exposure to Sri Lanka since the beginning of 2016 as it also shed its shares in Regnis Lanka PLC in February – another Singer Sri Lanka group company. On February 23, 2016 Singer (Sri Lanka) B.V. sold its entire stake of 58.29 percent in Regnis Lanka PLC – group’s refrigerators and washing machines manufacturing unit – to Singer Sri Lanka PLC in a deal worth Rs.722.5 million. Further on March 24 Singer (Sri Lanka) B.V. shed 8.05 million shares of Singer Sri Lanka PLC amounting to 6.43 percent stake for Rs.920.1 million to increase liquidity, broadening shareholder base and to increase the free float of the latter. As a result by end of March 31, 2016 Singer (Sri Lanka) B.V.’s stake in Singer Sri Lanka PLC was diluted to 79.68 percent from 86.11 percent in December 2015. For the quarter ended March 31, 2016 Singer Industries made a net profit of Rs.9.8 million or Rs.2.56 per share while Regnis Lanka posted a net profit of Rs.89.9 million or Rs.7.98 a share. The parent company, Singer Sri Lanka PLC posted a net profit of Rs.779.7 million or Rs.6.23 a share.

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