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Dhammika to take personal stake in Singer Sri Lanka

First call on mandatory issue acceptances for him



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Colombo business tycoon Dhammika Perera, owning slightly over 50% of the Hayleys conglomerate, will be taking up a personal stake in Singer Sri Lanka PLC of which Hayleys took control earlier this month by acquiring approx. 61.73% from its Dutch holding company.

In a mandatory offer document published last week and due to reach Singer shareholders later this week, Hayleys together with its subsidiaries, Volanka and Carbotels, offered the same Rs. 47 per share price to all other shareholders looking to sell.

The document said that based on acceptances received from Singer shareholders, allocations will firstly be made to Mr. Dhammika Perera, next to Hayleys Advantis, thirdly to Hayleys Agricultural Holdings, fourth to Hayleys Aventura and lastly to Hayleys.

This would mean that Perera, who is joint chairman of Hayleys will have first call on the Singer shares that become available through the mandatory offer. It was not indicated how many he would take.

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