The Board of Directors of Singer (Sri Lanka) PLC decided to amalgamate Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC with Singer (Sri Lanka) PLC with effect from January 31, 2024. In an announcement they said that the proposed amalgamation is subjected to relevant regulatory and shareholder approval.
The proposed amalgamation will be carried out with minority shareholders of REG.N and SINI.N issued new shares of SINS.N on the following basis. (A.) The minority shareholders of REG.N will be allocated 3.6544877 new ordinary shares in SINS.N for every 1 share held in REG.N (B.) The minority shareholders of SINI.N will be allocated 2.6735504 new ordinary shares of SINS.N for every 1 share held in SINI.N
The proposed amalgamation is expected to offer following benefits. (1.) Eliminating undue value leakages in optimizing cost synergies, hereby enhancing profitability of the Singer group of companies and returns of the shareholders. (2.) Minimizing duplication of management functions, thereby ensuring operational efficiency 3. Benefit from stronger financial strength with an increased asset base.
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