Singer says parent seeking investors to sell down stake

Consumer durables retailer Singer (Sri Lanka) PLC, now a unit of Hayleys group, said the company’s management and its parent are in discussion to sell down a stake in the company to a strategic investor “at a mutually agreed price.”

However the company said it is a “time-based matter under the current conditions.”

Last September, Hayleys acquired Singer (Sri Lanka) in a whopping Rs.12.5 billion deal. 

As at July 1, 2018, the company said it is non-compliant with the minimum public free float rules. The company’s public holding stands at 7.72 percent. 

During a recent press conference held to mark Hayleys group’s 140th anniversary, Group Chairman Mohan Pandithage said since the acquisition, a range of new products have been introduced at Singer outlets.