A week after Softlogic Holdings offered a full buyout of Odel after taking a 45 per cent stake, majority shareholder Parkson Retail Asia Ltd said it was undecided whether to sell or not. The leading Southeast Asia-based department store operator, in an e-mail to the Business Times said that its management will decide in due [...]

The Sundaytimes Sri Lanka

Parkson Retail Asia Ltd undecided on Odel offer

View(s):

A week after Softlogic Holdings offered a full buyout of Odel after taking a 45 per cent stake, majority shareholder Parkson Retail Asia Ltd said it was undecided whether to sell or not.

The leading Southeast Asia-based department store operator, in an e-mail to the Business Times said that its management will decide in due course whether to accept or reject the mandatory offer from Softlogic.

Last week, a 45 per cent stake for Rs. 2.7 billion owned by Otara, and her brothers, Ruchi and Ajit was sold to Softlogic.

With large lands in Colombo 7 and Battaramulla, Odel was gearing for more expansion when it announced plans for a mega mall in Colombo 7. Odel had got approvals for a mega mall at this site.

In July 2012, a 41.8 per cent stake in the company was bought for Rs. 1.4 billion by Parkson Retail Asia. The company later increased their stake.

Share This Post

DeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspace

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.