SINGER SRI LANKA SELLS STAKE IN LEASING FIRM TO LANKA ORIX

Singer (Sri Lanka) said it will sell its 30 per cent stake in its associate Commercial Leasing Co. valued at 495.8 million rupees (US$4.6 million) to Lanka Orix Leasing Co. (LOLC) following a mandatory offer.
Singer (Sri Lanka) said in a stock exchange filing that it has accepted the mandatory offer made by Lanka Orix Leasing Co. for the shares held by Singer (Sri Lanka) of Commercial Leasing Co.

Singer (Sri Lanka) held 30 per cent of Commercial Leasing Co. and accounted it as an associate company.

The statement said the value of the shares is 495.8 million rupees, which is about 408.9 million rupees above its Net Book Value in the company accounts and 80.2 million rupees above its Net Book Value in the Group accounts.

Commercial Leasing Co was taken over last month by Lanka Orix Leasing Company which offered to buy out other shareholders under stock exchange rules.

Commercial Leasing Co is a mid-sized specialised leasing company which was started in 1988, and has a share of around five per cent of the leasing market.