The parent company of listed Singer companies in the Colombo bourse has offered to sell its controlling interests in two subsidiaries to a third subsidiary.
Accordingly, Singer (Sri Lanka) B.V. the parent company of Regnis (Lanka) PLC, Singer Industries (Ceylon) PLC and Singer (Sri Lanka) PLC has offered to sell its controlling stakes in Regnis and Singer Industries to Singer (Sri Lanka) PLC.
The decision was taken after reviewing of the legal and management structure of Singer Asia Limited’s overall operations. The purchase would result in Singer (Sri Lanka) PLC becoming the holding company of Regnis and Singer Industries.
“The board of directors of the company, at the meeting held today, recommended to the management of Singer (Sri Lanka) PLC to evaluate the above proposal and advise the board of directors,” Singer (Sri Lanka) PLC said in a stock exchange filing yesterday.
Singer (Sri Lanka) B.V. currently has 58.29 percent of Regnis Lanka and 83.55 percent of Singer Industries.