Retail Holdings (Sri Lanka) B.V.
Naritaweg 165 Telestone 8
Retail Holdings NV (the "Company"") is a Curacao (formerly the Netherlands Antilles) public company that is the successor company to the Singer Company N.V. and its predecessor companies.
RETAIL HOLDINGS N.V. ANNOUNCES SALE IN SINGER SRI LANKA
September 13, 2017, Willemstad, Curaçao
Retail Holdings N.V. announced today that the Company has entered into an agreement to sell,
through the Colombo Stock Exchange, Sri Lanka, approximately 61.7% of the total issued
shares in the Company’s subsidiary, Singer (Sri Lanka) PLC (“SSL” or “Singer Sri Lanka”)
to Hayleys PLC, a publicly listed Sri Lanka conglomerate. The transaction is anticipated to
close before month-end.
The Company will continue to own an approximate 9.5% stake in SSL. The approximately
remaining 28.8% of the shares of Singer Sri Lanka are publicly owned. Singer Sri Lanka had
revenue of approximately $331.7 million and attributable profits of approximately $9.3
million in the twelve months ended June 30, 2017.
The net profit after taxes and expenses from the transaction is projected to be approximately
$38.5 million. The net cash consideration will be approximately $69.0 million.
Commenting on the transaction, Stephen H. Goodman, the Company’s Chairman, President
and CEO, said, “The sale of Singer Sri Lanka is a significant milestone in the execution of
Retail Holdings’ stated short-to-medium term strategy.
Following the sale, Singer SL will have a royalty bearing license from SVP Worldwide, the owner
of the Singer trademark, to use “Singer” in the company name and the “Singer” brand on its
stores, products and services. Stephen H. Goodman, Chairman of Retail Holdings and of
Singer Asia, Gavin Walker, President of Singer Asia, and Asoka Pieris, Managing Director of
Singer Sri Lanka, will continue as directors of SSL, and Singer Asia will continue to provide
certain technical assistance, as required.
With this transaction 69 million US$ (10.5 billion lkr) will be indicated in foreign sales.