Le Lézard
Classified in: Business
Subject: TNM

Retail Holdings N.V. Announces Sale Of Remaining Stake In Singer Sri Lanka


WILLEMSTAD, Curacao, Oct. 15, 2018 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. (Retail Holdings together with its subsidiaries the "Company") announced today, the sale of its remaining approximately 9.5%, equity stake in Singer (Sri Lanka) PLC ("SSL"). A controlling stake in SSL was sold to Hayleys PLC, a major Sri Lanka conglomerate, in September 2017. The Company at that time, retained 35,562,883 shares in SSL, subject to a Put option. Following the successful transition at SSL, the Company, consistent with its long-term strategy, has elected to exercise the Put. The sale was at the Put strike price of Rs 47 per share, yielding proceeds of approximately Rs 1,671 million, equivalent to approximately $9.5 million.

About Retail Holdings

Retail Holdings N.V. is a holding company with one principal asset, a 54.1% equity interest in Sewko Holdings Limited ("Sewko"), the parent company of Singer Asia Limited, a distributor of consumer durable products through public subsidiaries in Bangladesh and India. Retail Holdings N.V. has no other operating activities other than those carried out through Sewko/Singer Asia. Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".

INFORMATION CONTACT
Amy Pappas (914) 241-3404

SOURCE Retail Holdings N.V.


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News published on 15 october 2018 at 10:33 and distributed by: