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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Navara led IDL to complete Serendib Engineering buyout

Navara led IDL to complete Serendib Engineering buyout

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
May 31, 2012 (LBT) - Infrastructure Developers PLC - formally a public quoted company listed in the Colombo Stock Exchange under Land and Property Sector will soon complete its buyout of 60% stake in the holding company of Serendib Engineering & Agencies (Pvt) Limited, an official said to LBT.

Speaking to LBT Navara Capital head Harsha N. De Silva said that the company will have a board meeting soon on the 18th of Next Month, (June) to finalize the 60% stake of Serendib Investment Holdings Limited (SIHL) the mother entity of Serendib Engineering & Agencies (Pvt) Limited to the tune of Rs.85.2 million.

"This year IDL may not be a shell company anymore and it is already making profits and since the subsidiaries are now operating businesses" De Silva said.

Early April this year by a disclosure IDL said it entered into an agreement with Navara (parent of IDL and SIHL) to buy the 60% stake of Serendib Investment Holdings Limited (SIHL) to the value of Rs.85.2 million.

Navara Capital acquired 80.8% stake of IDL on the 17th October 2011. IDL intends to actively seek strategic investments in diverse industries, including but not limited to Infrastructure Development and related services, construction and engineering, food and beverages, leisure and financial services including Serendib Investments Limited, Serendib Engineering & Agencies (Pvt) Limited and CCC Plantation Engineering Limited.

Meanwhile speaking on the current developments of Colombo Stock Exchange and its performance once a aggressive-bullish stock trader at CSE during 2011 Navara head Harsha N. De Silva said that his strategy is to 'Lie Low' in equity investments at bourse while concentrating in his current business portfolio.

However he added that it is interesting to note several bluechiip and fundamentally strong stocks could be hunted at bargain since many of the have reached lower price levels which are even below the Net Asset Value.

De Silva also said that his Navara Capital may look in to potential buyouts in the booming hospitality and leisure sector in the country.
http://lbt.lk/stock-market/deals/1970-changing-hands

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