Singer SL to acquire parent’s stakes in Sing. Industries, Regnis

Monday, 11 May 2015 11:40 - - {{hitsCtrl.values.hits}}

Singer (Sri Lanka) Plc is likely to buy the controlling stake in Regnis (Lanka Plc) and Singer Industries (Ceylon) Plc held by ultimate parent Singer Sri Lanka BV.

The move follows a review of the legal and management structure of Singer Asia Ltd’s overall operations.

Singer Sri Lanka BV holds 83.55% stake in Singer Industries and 58.29% stake in Regnis.

The purchase would result in Singer Sri Lanka being the holding company of these two entities.

The Singer Sri Lanka Board last week recommended that management evaluate the proposal.