United Motors to buy Dutch Lanka Trailer for Rs. 700 m

United Motors Lanka PLC yesterday revealed plans to buy Dutch Lanka Trailer Manufacturers for Rs. 700 million.

UML said yesterday it has entered into a Share Sale and Purchase agreement with TRF Singapore Ltd., to purchase 100% shareholding of Dutch Lanka Trailer Manufacturers Ltd., for a total consideration of Rs. 700 million subject to the terms and conditions of the said Share Sale and Purchase agreement.

Dutch Lanka Trailer Manufacturers 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.

Despite the announcement UML share price declined by one rupee to close at Rs. 73.