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Recently SriLanka's Leverage King Ashok Pathirage haied country's former leading Private Commercial Bank which has now come down in the ladder - HNB for financing Softlogic's strategic investment in Odel.
Accordingly Softlogic Holdings Plc Chairman Ashok Pathirage has hailed Hatton National Bank (HNB) for financing its acquisition of a 45% stake in Odel Plc, which took place last week via the Colombo stock market with an investment of Rs. 2.7 billion.
In the statement issued by HNB Pathirage said that "Local banks such as HNB have traditionally been our partners, and, with this transaction, HNB has taken a bold step in the right direction. Such a transaction would certainly take a conglomerate like Softlogic to new heights and open exciting portals in those business frontiers where higher earning potential and value creation become not only possible but inevitable in a growing economy,"
Pathirage also commended HNB Managing Director/CEO Jonathan Alles and the bank for being supportive of the deal.HNB in its statement said it recently financed Softlogic Group's strategic investment in the leading fashion brand Odel, enabling the conglomerate to further strengthen its presence in the apparel and fashion accessories market.
However it is now revealed among cocktail circles that Pathirage's wife wanted to freely shop at Odel and which was the reason why Pathirage had to go for Odel Investment with HNB being taken in to scenes and since Otara was also after reaching 50 years whilst Odel was 25 years Otara wanted to be more close to her 'Dog Fantasies' which is now she exorbitantly market across her facebook fanpage.
As a proxy nominee of HNB; Softlogic purchased the shareholdings of Otara Gunawardene, and brothers Ajith and Ruchi Gunawardene, in Odel in a ground breaking transaction, which gives the Group 45% ownership in Odel, paving the way for it to assume control of the fashion retailer. The funding was provided as part of HNB's corporate strategy of supporting local corporates and entrepreneurs to realise their full business potential.
In his vision, Softlogic Group Chairman Ashok Pathirage has focused on the conglomerate becoming one of the leading retailers in the country while being the single largest franchisee of some of the most reputed international brands in the apparel and fashion accessories market in Sri Lanka. The acquisition of Odel gives Softlogic significant lead to retail its multinational brand portfolio through Odel, an immensely popular fashion chain. Following this transaction, Softlogic is required to make a mandatory offer to repurchase shares from other shareholders of Odel under SEC rules.
HNB CEO Jonathan Alles outlined the reasons which led HNB to finance a sizeable and high profile transaction of this nature. "It was an ideal opportunity to demonstrate the bank's commitment to the Softlogic Group, a valued relationship to the bank. This acquisition is a milestone achievement and we take considerable pride in ensuring that local entrepreneurs who are far-sighted and visionary are supported fully. Therefore, the value and benefit delivered to all parties through the successful execution of this transaction is, rewarding for the bank," Alles said.
Hatton National Bank PLC is a premier private sector commercial bank with a network of 250 customer centres spread across the length and breadth of Sri Lanka and caters to all segments of the market through its diverse product and service offering. The bank is also involved in insurance and capital market operations in the country through its group companies. During 2013, HNB's asset book surpassed Rs. 500 b, while the bank recorded a pre-tax profit of over Rs. 10 b for the year.
However with giving over Rs.2.7 billion to Softlogic and giving more loans for Softlogic earlier to acquire more hospitals many top shareholders and banking consultants and experts are now questioning the HNB Balance sheet.
Accordingly Softlogic Holdings Plc Chairman Ashok Pathirage has hailed Hatton National Bank (HNB) for financing its acquisition of a 45% stake in Odel Plc, which took place last week via the Colombo stock market with an investment of Rs. 2.7 billion.
In the statement issued by HNB Pathirage said that "Local banks such as HNB have traditionally been our partners, and, with this transaction, HNB has taken a bold step in the right direction. Such a transaction would certainly take a conglomerate like Softlogic to new heights and open exciting portals in those business frontiers where higher earning potential and value creation become not only possible but inevitable in a growing economy,"
Pathirage also commended HNB Managing Director/CEO Jonathan Alles and the bank for being supportive of the deal.HNB in its statement said it recently financed Softlogic Group's strategic investment in the leading fashion brand Odel, enabling the conglomerate to further strengthen its presence in the apparel and fashion accessories market.
However it is now revealed among cocktail circles that Pathirage's wife wanted to freely shop at Odel and which was the reason why Pathirage had to go for Odel Investment with HNB being taken in to scenes and since Otara was also after reaching 50 years whilst Odel was 25 years Otara wanted to be more close to her 'Dog Fantasies' which is now she exorbitantly market across her facebook fanpage.
As a proxy nominee of HNB; Softlogic purchased the shareholdings of Otara Gunawardene, and brothers Ajith and Ruchi Gunawardene, in Odel in a ground breaking transaction, which gives the Group 45% ownership in Odel, paving the way for it to assume control of the fashion retailer. The funding was provided as part of HNB's corporate strategy of supporting local corporates and entrepreneurs to realise their full business potential.
In his vision, Softlogic Group Chairman Ashok Pathirage has focused on the conglomerate becoming one of the leading retailers in the country while being the single largest franchisee of some of the most reputed international brands in the apparel and fashion accessories market in Sri Lanka. The acquisition of Odel gives Softlogic significant lead to retail its multinational brand portfolio through Odel, an immensely popular fashion chain. Following this transaction, Softlogic is required to make a mandatory offer to repurchase shares from other shareholders of Odel under SEC rules.
HNB CEO Jonathan Alles outlined the reasons which led HNB to finance a sizeable and high profile transaction of this nature. "It was an ideal opportunity to demonstrate the bank's commitment to the Softlogic Group, a valued relationship to the bank. This acquisition is a milestone achievement and we take considerable pride in ensuring that local entrepreneurs who are far-sighted and visionary are supported fully. Therefore, the value and benefit delivered to all parties through the successful execution of this transaction is, rewarding for the bank," Alles said.
Hatton National Bank PLC is a premier private sector commercial bank with a network of 250 customer centres spread across the length and breadth of Sri Lanka and caters to all segments of the market through its diverse product and service offering. The bank is also involved in insurance and capital market operations in the country through its group companies. During 2013, HNB's asset book surpassed Rs. 500 b, while the bank recorded a pre-tax profit of over Rs. 10 b for the year.
However with giving over Rs.2.7 billion to Softlogic and giving more loans for Softlogic earlier to acquire more hospitals many top shareholders and banking consultants and experts are now questioning the HNB Balance sheet.
