The largest sale of a controlling stake in Sri Lankan listed company by a foreign owner
| Client: | Singer Asia Limited Hong-Kong based holding company with consumer durables retailing, manufacturing and financing operations across Asia |
| Target: | Singer (Sri Lanka) PLC (“Singer SL”) Largest consumer durables retailer in the country, listed on the Colombo Stock Exchange |
| Acquirer: | Hayleys PLC Diversified Sri Lankan conglomerate |
| Deal Size: | US$ 82m (Enterprise Value: US$ 275m) |
| Context: | In 2011/12, the shareholders of Singer Asia, the owner of Singer (Sri Lanka) decided to monetize this asset. Several international and local investment banks were hired but failed to complete a transaction. Singer Asia engaged Asia Securities in May 2017 and was able to complete a sale within 5 months. |
| Asia Securities’ Role: | Exclusive sell side advisor, managing all aspects of the transaction, including buyer identification, diligence, negotiations and closing |
| Transaction Strategy | A targeted solicitation of a limited number of Sri Lankan buyers due to client requirement to minimize information leakage and disruption |
| Transaction outcome |
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