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Started with 12 employees in 1991, now a Rs. 30 bn. a year group
September 27, 2014, 4:45 pm
The Rs. 30 bn. Softlogic Group which recently took control of Odel PLC growing its already strong retail footprint has described itself as one of the country’s most diversified and fastest developing companies in a circular conveying its mandatory offer to minority shareholders of Odel.
This offer has been made by Softlogic Holdings PLC and Softlogic Retail (Pvt) Limited under the company Takeovers and Mergers Code.
Softlogic said that the parent company, Softlogic Holdings had generated revenue of nearly Rs.30 billion (US$ 221 million) in FY 2013/14 and one of the most diversified and fast developing companies in the country creating solid value in the medium to long term.
From an IT developer led by strong an entrepreneurial team with a talent pool of just 12 employees in 1991, ``Softlogic Holdings has grown into one of the country’s most progressive conglomerates employing 6,500 people across 34 subsidiaries delivering the highest quality products and services across six high growth sectors,’’ the circular said.
These were identified as information and communication technology, retail, healthcare services, financial and insurance services, leisure and automobile.
Softlogic Retail is the retail subsidiary of Softlogic Holdings and is one of the country’s leading distributors of consumer electronic goods, household appliances and furniture.
Their branded apparel and accessories business sells a portfolio of high-end premier international clothing, footwear and accessories brands. These include Nike, Levis, Giordano, Mango, Mothercare, Splash, Charles & Keith, French Connection and Dockers whilst the watch station comprise of Diesel, Skagen, Fossil, Adidas, Emporio Armani, DKNY and Michael Kors.
The retail segment also comprises of franchise Quick Service Restaurant (QSR) chain, Burger King.
Explaining the background to the offer, the joint offerors have said that they are making the mandatory offer subject to stipulated terms and conditions. On September 11, the offerors bought approximately 122.9 million ordinary shares of Odel at prices between Rs.21.80 and Rs.22 per share and acquired approximately 45.16% of the issued shares of Odel triggering the code.
Being obliged to make a mandatory offer for the remaining 149.23 million shares (54.84%) not already owned by them at the Rs.22 price (the highest price they have paid for the shares) within 12 months of the major purchase they were making the mandatory offer.
The offerors said that a detailed mandatory offer document will be sent out to all shareholders of Odel on or before October 16.
