Dutch Lanka Trailer  becomes UML’s fully-owned subsidiary

Dutch Lanka Trailer Manufacturers Limited (DLT)  officially became a fully owned subsidiary of United Motors Lanka PLC (UML) yesterday with the conclusion of a Share Purchase Agreement (SPA).
The transaction for a total consideration of Rs. 700 million between UML and TRF Singapore Pte. Ltd was executed yesterday, a filing to the Colombo Stock Exchange (CSE) stated.
Accordingly, UML acquired 100 percent stake in DLT along with Dutch Lanka Engineering (Pvt) Limited (DLE).

UML entered into a sale and purchase agreement with TRF Singapore Pte. Ltd. in October. 
 DLT is a BOI-registered company incorporated in 1992 and is engaged in the design, engineering, and manufacture of a range of port and road trailers for both domestic and export markets. 

It established Dutch Lanka Engineering (Pvt) Limited (DLE) in 2004 which manufactures trailers for the local market, provides aftermarket service support, supplies spare parts for trailers, and undertakes steel fabrication work and refurbishment.
The seller TRF Singapore Pte. Ltd. is a wholly-owned subsidiary of TRF Limited, a Tata Group company.
TRF Limited acquired 100 percent shareholding of Dutch Lanka Trailer Manufacturers Limited in 2012 by acquiring 49 percent of the company for US$ 8.33 million after acquiring 51 percent of it in 2009 for US$ 8.67 million.

Established in 1945, UML is one of the oldest automobile companies in Sri Lanka. The UML Group markets renowned automotive brands such as Mitsubishi passenger and Fuso commercial vehicles from Japan, Perodua compact cars from Malaysia, JMC commercial vehicles, Brilliance vans and Zotye cars from China, and DFSK SUVs from Indonesia.
The company also distributes Liu Gong concrete mixing equipment and forklifts from China, Greaves power generators from India, Yokohama tyres from Japan, Valvoline lubricants, Prestone and Simoniz car care products from USA and JCB earth moving equipment and power generators from India. 
The company’s latest range of products in the market includes 3D Printers from USA, Netherlands, Singapore and China and Nasiol nano coating products from Turkiye. 
RIL Property PLC, controlled by the Yaseen family, owns 51 percent of UML shares.