ODEL to be acquired by a Singapore investment

A 41.8 percent stake in Sri Lanka’s ODEL, a fashion retailer is to be acquired by Parkson Retail Asia, a department store which has operations in Malaysia, Vietnam and Indonesia for 1.424 billion rupees.

The East Asian firm has agreed to pay 23.50 rupees a share to buy the 60.6 million shares from founding siblings, Otara Gunewardene(27.8 percent) and her two brother Ajit (13.6 percent) and Ruchi (0.34 percent), the company said in a statement.The new buyer will make an offer to buy out existing shareholders at the same price. ODEL stock has move up in recent days from around 17 to above 23 rupees on speculation of a take-over.

Otara Gunewardene will retain a 27.8 percent stake and remain its chief executive. The firm will also make a 1 for 1 rights issue that will raise 2.899 billion rupees for expansion.

Key Executives for Parkson Retail Asia Ltd (PRA) 

Heng Jem Cheng “William” – Chairman
Koh Huat Lai – Chief Financial Officer
Teo Meng Keong – Joint Secretary
Ang Siew Koon – Joint Secretary


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