Business figure Dhammika Perera controlled holding company, Vallibel One (VOL) informed the Colombo Bourse that it had entered in to an agreement on June 30 to invest US $ 7.26 million in Orit Apparels.
Setup as a BOI company in 1978, Orit Apparels Ltd is a company incorporated in Sri Lanka and has a US $ 80 million (Rs.8.8 billion) annual turnover with over 6800 employees spread across 8 plants. Orit Aparles is the country’s leading specialist Denim manufacturer with a production capacity of 822,000 pieces per month.
The announcement further said that the closing date of the transaction will be 4 July 2011, subject to regulatory approval and subject to the terms of the said agreement.
Vallibel one has 51% stake in Royal Ceramics (RCL) and LB Finance (LFIN) and 15% stake in Sampath Bank, apart from its latest acquisition of 51% stake in Delmege Forysth Group for Rs.3 billion. Dhammika Perera also has 31% stake in one of the blue chip conglomerates Hayleys (HAYL ).
The statement said VOL is to acquire 24.41 million ordinary shares or 50% stake in Orit Apparels. Orit was a joint business between industrialist Channa Palansuriya and American investor who had a 70% stake of which VOL took 50% and Palansuriya 20%.
source - www.dailymirror.lk
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