Singer Sri Lanka parent sheds 8% stake

Singer Sri Lanka PLC parent Retail Holdings (Sri Lanka) BV yesterday sold 10.2million shares of Singer Sri Lanka, amounting to 8.2 percent of the issued shares of the company, further trimming its shareholding in the country’s leading consumer durables and electronics retailer.A stock exchange filing by Singer Sri Lanka said the shares were divested by the parent to increase the trading liquidity of the company and to broaden its shareholding base.
The majority of the buyers of the shares, which were sold at an average price of Rs.133 per share, were institutional investors, the filing said.

Post transaction, Retail Holdings will continue to hold 89.1 million shares of Singer Sri Lanka, representing 71.19 percent. 
Retail Holdings started selling down its interest in Singer Sri Lanka last year when it reduced its stake in the company to 79.68 percent from 86.11 percent. It also divested 0.4 percent of shares earlier this month. 
However, Retail Holdings has assured the Singer Sri Lanka board of its continued support and commitment to the company.