Singer (Sri Lanka) announces share purchase prices

Singer (Sri Lanka) PLC yesterday announced the respective purchase prices for the proposed purchase of shares in Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC.

Subsequent to independent valuations and negotiations with Singer (Sri Lanka) BV, the purchase prices of 6,568,461 Reginis (Lanka) PLC and 3,213,600 Singer Industries (Ceylon) PLC have been agreed at Rs.110 and Rs.206, respectively. 

Singer Industries’ share closed at Rs.206.10 during yesterday’s trading while last traded price of Regnis (Lanka) was Rs.138.

Singer (Sri Lanka) PLC said purchase of such shares would be completed subject to the receipt of the necessary regulatory approvals. 

The parent company of listed Singer companies in the Colombo bourse offered to sell its controlling interests in two subsidiaries to its main subsidiary Singer (Sri Lanka) PLC in the early part of this month.  Accordingly, Singer (Sri Lanka) BV, 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 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.