Foreign funds buy into Singer SL
View(s):Five foreign funds have bought consumer durables retailer Singer Sri Lanka PLC’s shares that its parent, Retail Holdings NV sold last month as part of the latter’s global strategy.
HSBC International NOM LTD – Morgan Stanley and Co. LLC-RWC FR, BNYMSANV RE-CF Ruffer Investment Funds: CF Ruffer, CLSA Global Markets PTE LTD, Pemberton Asian Opportunities Fund and HSBC International NOM LTD-SSBT- Russell Investments Institute bought 6.04 million shares which translates to some 86 per cent in Singer’s local operation, analysts said. Ruffer Investment Fund and Pemberton Asian Opportunities had invested in the prior placement of shares and had increased their investment with this placement.
The company sold its entire 70.28 per cent equity stake in subsidiary, Singer Pakistan Ltd last year and in the previous year sold a 40 per cent stake in Singer Thailand to Thai investors.
The shares traded in parcels of Rs.5 million, Rs.0.8 million and 0.24 million fetching Rs. 690 million for the seller. Singer Sri Lanka’s parent was widely expected to exit or sell-down its stake following the sale of a Pakistan unit. - DE