Thursday, 26 March 2015 00:33
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Premier fashion retailer Odel PLC has acquired Softlogic group’s Brands unit for nearly Rs. 600 million.
In a stock market filing, Odel PLC said it had bought 99.99 percent of Softlogic Brand (Pvt) Ltd on March 20, 2015 for Rs. 599.99 million from Softlogic Retail (Pvt) Ltd and Dai-Nishi Securities (Pvt) Ltd., subsidiaries of the Softlogic Holdings.
Softlogic Brands possesses the largest international branded apparel and fashion accessory portfolio in Sri Lanka.
Softlogic Brands has over 41,000 square feet of prime retail space in Colombo, in which 20 brands are being retailed.
“The Group’s decision to enter into this transaction was mainly inspired by the post-acquisition synergies , industry growth and favorable macroeconomic conditions such as increasing purchasing power of consumers and growth in the tourism industry,” Odel said in the statement.
Odel will also settle Rs. 1.1 billion due to Soflogic Retail (Pvt)Ltd.by Softlogic Brands which exceeds 5% of the total assets of Odel on or before 31st March 2015, the statement said.
