Kshatriya into retailing
Kshatriya Holdings Limited (KHL), the non insurance business controlled by the Schaffter family which controls Janashakthi Insurance, is moving into the retail sector by buying into brands, trademarks and assets of the supermarket chain, ‘Kings Super.’“Presently there is an ongoing valuation of the assets of Kings Super and we plan to get into the retail sector through this chain,” Harsha de Silva, Group Managing Director, KHL told The Sunday Times FT.
He explained that the company specifically wanted to purchase the brands, trademarks and assets in the Kings Super operation, without acquiring the entire company because of the liabilities that may be involved. “We did not buy the company due to the liability situation that we might encounter, but with this acquisition we are diversifying into supermarkets,” he said.
Last week KHL announced that it has purchased 26.68 percent of Kotmale Holdings Ltd in a bid to integrate the latter into the KHL group structure. De Silva said that KHL plans to increase its holdings to over 50 percent of Kotmale in the coming months. “We are buying the non-insurance business owned by the Schaffter family under KHL.
Which already has real estate under Kelsey Homes, apparel sector investments under Sithro, capital market activities under Central Securities and First Capital that the company took over, Kotmale food and beverage investments under Kotmale and now retail investments under Kings Super,” de Silva explained.
He said that KHL will decide whether to retain the Kings Super name after one month of operation.