Singer parent sheds more stake to boost liquidity

Wednesday, 29 March 2017 01:08 - - {{hitsCtrl.values.hits}}

Singer Sri Lanka’s parent has shed a further stake of 8% to broaden shareholding and boost liquidity of its shares.

The company said its parent Retail Holdings (Sri Lanka) BV yesterday divested 10.16 million shares at Rs. 133 each for Rs. 1.35 billion. The majority of the buyers were institutional investors.

With the part shedding, Retail Holdings owns 71.19% stake in Singer Sri Lanka and has assured the board of its continuing support and commitment to the ongoing success of the company.

Earlier this month the parent sold 0.46 million shares at prices ranging from Rs. 145-Rs. 149.

In a move to facilitate greater liquidity of shares, Singer in February announced a share subdivision on the basis of three for one as at end of trading on 31 March 2017.