Hayleys to purchase shares from Retail Holdings

Hayleys PLC has entered into an agreement with Retail Holdings (Sri Lanka) BV (RHSL) to purchase their 231,864,362 shares constituting 61.73% in Singer (Sri Lanka) PLC by itself and its nominees at a price of Rs.47 per share.

Hayleys also entered into a further agreement to purchase either by itself or through its nominees the balance shareholding of 35,562,883 constituting 9.47% of the shares held by RHSL within a period of 12 to 15 months from the date of the said share transaction at the option of RHSL at a price of Rs.47 per share in compliance with the rules and regulations of the Colombo Stock Exchange. (IH)