Otara exits Odel to enjoy Embark

Friday, 12 September 2014 01:10 - - {{hitsCtrl.values.hits}}

Odel founder Otara Gunewardena in a statement yesterday said her exit was to enable the organisation to be taken to the next level by the dynamic and fast growing Softlogic Holdings Plc and for her to focus more on another passion – Embark. Following is the full text of Otara’s statement: I wish to inform the public that I, along with my family members Ajit Gunewardene and Ruchi Gunewardene, have disposed all of our shares in Odel Plc this morning to the Softlogic Group. I believe that the sale of our shares to the Softlogic Group is in the best interest of Odel Plc, and a natural progression to its continued growth. Having being nurtured from a simple retail operation from a car boot into one of the largest retail businesses in Sri Lanka during the last 25 years, Odel Plc now needs to move to the next level of retailing in order to be competitive, locally and globally. This requires the entry of a larger player with a deep commitment to retailing, which I believe can best be provided by the Softlogic Group, which has a proven history of dynamism and perhaps an unrivalled track record of such operations in Sri Lanka. Apart from the overall interests of the growth of Odel Plc, my decision to sell out of the company is also based on my personal desire to focus on another passion I dearly treasure in life: the pursuit of a mission to ensure the welfare of animals and the development of the Embark brand which funds such programs. The sale of my shares in Odel Plc will hopefully provide me with more time and energy to devote to these activities in the future. I wish to state that I will continue my association with Odel Plc over the foreseeable future, and will provide all assistance and cooperation during the period of transition. In conclusion, I wish to express my sincere thanks to all my shareholders, customers, stakeholders and all well-wishers who have made this a truly wonderful journey. I hope that you will continue to support Odel Plc in the future.