Softlogic Group has increased its shares in Sri Lanka’s leading fashion retail chain ODEL to 93.2 percent.
Recently, the Softlogic Group led by prominent Sri Lankan businessman Ashok Pathirage bought 45.16 percent of shares in ODEL from its pioneer Otara Gunawardene and her family members for Rs. 2.7 billion. Following this, the company’s subsidiaries Softlogic Holdings and Softlogic Retail Private Limited issued a joint mandatory offer to acquire the remaining shares of ODEL.
This mandatory offer expired yesterday (13 October) and Softlogic said under this offer a further 130.7 million or 48.04 percent of the ODEL shares had been acquired.
Accordingly, Softlogic Group currently owns 93.2 percent ODEL shares.
Parkson Retail Asia Limited of Malaysia, the major stakeholder in ODEL recently agreed to sell all its shares to Softlogic Group for nearly Rs. 2.8 billion.
While informing this decision to the Malaysian Stock Exchange, Parkson Retail Asia which already owned the major 47.46 percent shares in ODEL revealed that it had accepted the recent Mandatory Offer by Softlogic Holdings PLC and Softlogic Retail Private Limited of the Softlogic Group.
This notification issued by Parkson Retail Asia Ltd Chief Executive Officer Toh Peng Koon stated that the entire 129.1 million shares that the company holds in ODEL would be sold at Rs. 22 each under this Mandatory Offer.
Softlogic Group earlier acquired 45.16 percent shares in ODEL owned by its founder Otara Gunawardene and her family members for Rs. 2.7 billion at Rs. 21.80 and Rs. 22.00 per share.
The Mandatory Offer by Softlogic to acquire the balance shares of ODEL stated that it was prepared to buy the remaining 54.84 percent shares of ODEL at Rs. 22.00 each.
The Malaysian Stock Exchange was informed that Parkson Retail Asia Ltd had bought the ODEL shares in July 2012 and that the company stood to gain a capital profit by selling them back to Softlogic Group.
Chairman of Softlogic Group, Asoka Kariyawasam Pathirage took over as Executive Director/Chairman of ODEL with effect from 22 September while Dr. Sivakumar Selliah and Haresh Kumar Kaimal were appointed Non-Executive Directors.
Below is the disclosure to the Malaysian Stock Exchange by Parkson Retail Asia Ltd:
www.adaderana.lk
Recently, the Softlogic Group led by prominent Sri Lankan businessman Ashok Pathirage bought 45.16 percent of shares in ODEL from its pioneer Otara Gunawardene and her family members for Rs. 2.7 billion. Following this, the company’s subsidiaries Softlogic Holdings and Softlogic Retail Private Limited issued a joint mandatory offer to acquire the remaining shares of ODEL.
This mandatory offer expired yesterday (13 October) and Softlogic said under this offer a further 130.7 million or 48.04 percent of the ODEL shares had been acquired.
Accordingly, Softlogic Group currently owns 93.2 percent ODEL shares.
Parkson Retail Asia Limited of Malaysia, the major stakeholder in ODEL recently agreed to sell all its shares to Softlogic Group for nearly Rs. 2.8 billion.
While informing this decision to the Malaysian Stock Exchange, Parkson Retail Asia which already owned the major 47.46 percent shares in ODEL revealed that it had accepted the recent Mandatory Offer by Softlogic Holdings PLC and Softlogic Retail Private Limited of the Softlogic Group.
This notification issued by Parkson Retail Asia Ltd Chief Executive Officer Toh Peng Koon stated that the entire 129.1 million shares that the company holds in ODEL would be sold at Rs. 22 each under this Mandatory Offer.
Softlogic Group earlier acquired 45.16 percent shares in ODEL owned by its founder Otara Gunawardene and her family members for Rs. 2.7 billion at Rs. 21.80 and Rs. 22.00 per share.
The Mandatory Offer by Softlogic to acquire the balance shares of ODEL stated that it was prepared to buy the remaining 54.84 percent shares of ODEL at Rs. 22.00 each.
The Malaysian Stock Exchange was informed that Parkson Retail Asia Ltd had bought the ODEL shares in July 2012 and that the company stood to gain a capital profit by selling them back to Softlogic Group.
Chairman of Softlogic Group, Asoka Kariyawasam Pathirage took over as Executive Director/Chairman of ODEL with effect from 22 September while Dr. Sivakumar Selliah and Haresh Kumar Kaimal were appointed Non-Executive Directors.
Below is the disclosure to the Malaysian Stock Exchange by Parkson Retail Asia Ltd:
www.adaderana.lk
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