Singer Digital Media merges with parent Singer Sri Lanka

Singer Sri Lanka announced that its subsidiary Singer Digital Media (SDM) has proposed to amalgamate with parent in terms of Section 242 of the Companies Act No.7 of 2007 and continue as Singer (Sri Lanka) PLC.

SDM is in the business of selling and distribution of mobile phones.

The Boards of both Companies are of the view that the amalgamation will be operationally and financially beneficial to Singer (Sri Lanka) PLC.

Total assets of SDM is Rs. 2.7 billion and liabilities are Rs. 3 billion.

Singer Sri Lanka’s assets are worth Rs. 48.9 billion and liabilities are Rs. 41 billion.