In brief

Hayleys divests 35% stake

in Alutech for Rs. 943 m

Hayleys announced that it disposed 700,000 ordinary shares (35%) of Alutec Anodising & Machine Tools Ltd for a total consideration of Rs.943 m.

The shares were purchased by a consortium comprising the Hirdaramani Group, Akbar Brothers and Star Pack Investments.

Subsequent to the disposal, HAYL holds 60% of the company.

Panasian Power Rs. 600 m

IPO official opening on 7 Dec.

Panasian Power Ltd. announced an Offer for Subscription of 200 m ordinary voting shares at Rs.3.00 per share for a total consideration of Rs.600 m, to be listed on the Main Board of the CSE. The date of opening of the subscription list is 7 December 2010

Singer Finance IPO official

opening on 15 Dec.

Singer Finance (Lanka) Ltd announced an Offer for Subscription of 26.7 m voting shares at Rs.15.00 per share for a total consideration of Rs.400 m, to be listed on the Main Board of the Colombo Stock Exchange (CSE). The date of opening of the subscription list is 15 December 2010.

Odel invests Rs. 270 m to put

up mega mall at Battaramulla

Odel has invested Rs. 270 million in the form of equity in fully owned subsidiary Odel Lanka Ltd., to put up a modern shopping mall at Battaramulla.

The Company said the subsidiary has acquired prime land spanning 250.4 perches in Talangama, Battaramulla at a cost of Rs. 257.9 million along with stamp duty and legal fees amounting to Rs. 12 million.

For this purpose Odel Plc has invested Rs. 270 million via equity in the subsidiary. Odel already has a presence in Battaramulla where an outlet was opened recently in addition to 11 others in the country.