Hay­leys group in his­toric ac­qui­si­tion of Singer Sri Lanka for Rs. 10.9 bn

Daily Mirror (Sri Lanka) - - SPORTS -

Hay­leys PLC and its sub­sidiaries an­nounced the pur­chase of 61.73 per­cent of shares of Singer (Sri Lanka) PLC, for a con­sid­er­a­tion of Rs. 10.9 bil­lion, mak­ing it the sin­gle largest ac­qui­si­tion for a listed com­pany in Sri Lanka in re­cent times.

This strate­gic ac­qui­si­tion by Hay­leys PLC and its sub­sidiaries is an­tic­i­pated to yield sub­stan­tial op­por­tu­ni­ties for new busi­ness syn­er­gies within the Hay­leys group. Both Hay­leys PLC and Singer (Sri Lanka ) PLC col­lec­tively ac­count for over 280 years of ex­pe­ri­ence in the Sri Lankan mar­ket.

Com­ment­ing on the trans­ac­tion Mo­han Pan­dithage, Chair­man and Chief Ex­ec­u­tive, Hay­leys PLC stated, “This is a his­toric mile­stone for the Hay­leys group. It is in align­ment with our group’s growth-ori­ented ap­proach to the Sri Lankan mar­ket, as we have been seek­ing a strate­gic part­ner to strengthen the group’s re­tail sec­tor. Lev­er­ag­ing on the di­ver­sity of the Hay­leys’ prod­ucts and ser­vices port­fo­lio and com­bin­ing it with the time-tested and ex­ten­sive ex­per­tise of Singer Sri Lanka, we an­tic­i­pate un­prece­dented new busi­ness op­por­tu­ni­ties for both en­ti­ties mov­ing for­ward.”

Elab­o­rat­ing fur­ther he added, “It is the vi­sion of Hay­leys to of­fer en­hanced life­styles to Sri Lankans, with ex­ten­sive ranges of in­no­va­tive, high qual­ity life­style prod­ucts which are af­ford­able to all seg­ments of so­ci­ety. The di­ver­sity of our prod­ucts and ser­vices port­fo­lio will now be driven to greater heights, open­ing doors to new busi­ness op­por­tu­ni­ties for both en­ti­ties mov­ing for­ward. We will lever­age Singer Sri Lanka’s brand and ex­ten­sive re­tail net­work, with its strong cus­tomer base to pave the way for sig­nif­i­cant up­scal­ing of the group’s do­mes­tic re­tail sec­tor pres­ence.

Dham­mika Perera, Co-chair­man, Hay­leys PLC, stated, “This ac­qui­si­tion is no doubt the big­gest in Sri Lanka. Given the strength of Singer Sri Lanka, one of the most iconic and trusted re­tail brands in the coun­try, we be­lieve that with this move, the Hay­leys group will be able to lever­age and amal­ga­mate the ex­per­tise and know-how of two cor­po­rate gi­ants and boost the group’s growth tra­jec­tory.”

Hay­leys, the largest Sri Lankan con­glom­er­ate near­ing its 140th year, has a global pres­ence in 15 coun­tries across all 5 con­ti­nents. It is the most di­ver­si­fied con­glom­er­ate in the coun­try. This ac­qui­si­tion cre­ates a to­tal of 16 Public Listed Com­pa­nies un­der the Hay­leys group um­brella.

Es­tab­lished in 1878, Hay­leys PLC is one of Sri Lanka’s largest, multi­na­tional busi­ness con­glom­er­ates driv­ing a glob­ally com­pet­i­tive busi­ness port­fo­lio cut­ting across man­u­fac­tur­ing, agri­cul­ture and ser­vices.

Mo­han Pan­dithage, Chair­man and Chief Ex­ec­u­tive, Hay­leys PLC

Dham­mika Perera, Co-chair­man, Hay­leys PLC

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