September 13, 2017 / 12:01 PM / a month ago

Sri Lanka's Hayleys to buy majority stake in Singer

COLOMBO, Sept 13 (Reuters) - Sri Lankan conglomerate Hayleys Plc is to buy a 61.73 percent stake in Singer Sri Lanka Plc for 10.9 billion rupees ($71 million), the company said on Wednesday.

Hayleys said it has agreed to buy the stake from Retail Holdings (Sri Lanka) BV at a price of 47 rupees per share and in addition will acquire a further 9.47 percent held by RHSL within a period of 12 to 15 months at the same price. ($1 = 152.9500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Greg Mahlich)

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