Singer (Sri Lanka) PLC, the country’s leading consumer durable retailer recently announced an increase in its free float following a sale of shares to international and local institutional funds.
In line with parent company, Singer (Sri Lanka) BV divesting a 6.43% stake to institutional investors, Singer Sri Lanka has increased the liquidity of traded shares, broadened its shareholder base and thereby increased its capital market presence.
Following the transaction Singer Sri Lanka BV will continue to hold 99,762,850 shares representing an 79.7% interest in the capital of Singer (Sri Lanka) PLC. The parent company has also assured the Sri Lanka Board of its continued support and commitment towards the ongoing success of the Company.
Through this transaction, Singer Sri Lanka has successfully expanded its shareholder base and paved the way to boost its share capital ensuring the continuation of its dynamic growth.