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Singer was planning to exit from Bangaladesh, will the same thing happen in Sri Lanka?
Retail Holdings to sell Singer Bangladesh
http://theindependentbd.com/business/others/18024-retail-holdings-to-sell-singer-bangladesh.html
SOURCE : ECONOMIC REPORTER
Retail Holdings N.V. has announced that the company has entered into a definitive agreement to place with investors in Bangladesh a majority stake in the company's Bangladesh subsidiary, Singer Bangladesh Limited.
Closing of the transaction is subject to a number of conditions being satisfied, including obtaining government approvals. As a result of this transaction, and related developments including attribution to minority shareholders of Singer Asia Limited, the net, after-tax profit attributable to Retail Holdings' shareholders is projected to be approximately $25.6 million and the net, after-tax cash consideration attributable to Retail Holdings' shareholders is projected to be approximately $50.6 million, equivalent to approximately $4.83 per share and $9.54 per share, respectively, says a report filed from Willemstad, Curacao.
Singer Bangladesh had revenues of $63.4 million and net income of $5.7 million in 2009.
Singer Bangladesh revenues in 2010 are projected to be somewhat higher than in the year before while net earnings will be substantially greater, reflecting the sale by Singer Bangladesh earlier in the year of its 35.6% interest in International Leasing and Financial Services Ltd. and the resulting one-time gain.
Commenting on the transaction, Stephen H. Goodman, Retail Holdings' Chairman, President and CEO, noted, "I am extremely pleased by the opportunity the company has to place majority control of its Bangladesh operation with a distinguished group of Bangladesh investors on terms that are attractive to Retail Holdings' shareholders. I anticipate that with majority ownership in local hands and the Company's existing, excellent management continuing in place, revenue and profit growth at Singer Bangladesh will accelerate, building on the strong performance over the last several years."
Retail Holdings holds three principal assets, including a 56.2 per cent equity interest in Singer Asia, a distributor of consumer durable products in Bangladesh, India, Pakistan, Sri Lanka and Thailand with consumer credit and other financial services available to qualified customers. It also deals in seller notes, arising from the sale of the Singer worldwide sewing business and trademark in 2004, and in cash and cash equivalents.
The Company has no operating activities other than those carried out through Singer Asia. Retail Holdings is a Curacao public company, which is the successor company to the Singer Company N.V. and its predecessor companies.
Retail Holdings, formerly known as Singer N.V., changed its name to Retail Holdings N.V. following the sale of the sewing business and the Singer trademark.
The company’s audited consolidated financial statements for the twelve months ended December 31, 2009, and all prior statements since September 2000 together with Auditor's Reports thereon as well as press releases may be found at the Retail Holdings' website: www.retailholdings.com.
Retail Holdings to sell Singer Bangladesh
http://theindependentbd.com/business/others/18024-retail-holdings-to-sell-singer-bangladesh.html
SOURCE : ECONOMIC REPORTER
Retail Holdings N.V. has announced that the company has entered into a definitive agreement to place with investors in Bangladesh a majority stake in the company's Bangladesh subsidiary, Singer Bangladesh Limited.
Closing of the transaction is subject to a number of conditions being satisfied, including obtaining government approvals. As a result of this transaction, and related developments including attribution to minority shareholders of Singer Asia Limited, the net, after-tax profit attributable to Retail Holdings' shareholders is projected to be approximately $25.6 million and the net, after-tax cash consideration attributable to Retail Holdings' shareholders is projected to be approximately $50.6 million, equivalent to approximately $4.83 per share and $9.54 per share, respectively, says a report filed from Willemstad, Curacao.
Singer Bangladesh had revenues of $63.4 million and net income of $5.7 million in 2009.
Singer Bangladesh revenues in 2010 are projected to be somewhat higher than in the year before while net earnings will be substantially greater, reflecting the sale by Singer Bangladesh earlier in the year of its 35.6% interest in International Leasing and Financial Services Ltd. and the resulting one-time gain.
Commenting on the transaction, Stephen H. Goodman, Retail Holdings' Chairman, President and CEO, noted, "I am extremely pleased by the opportunity the company has to place majority control of its Bangladesh operation with a distinguished group of Bangladesh investors on terms that are attractive to Retail Holdings' shareholders. I anticipate that with majority ownership in local hands and the Company's existing, excellent management continuing in place, revenue and profit growth at Singer Bangladesh will accelerate, building on the strong performance over the last several years."
Retail Holdings holds three principal assets, including a 56.2 per cent equity interest in Singer Asia, a distributor of consumer durable products in Bangladesh, India, Pakistan, Sri Lanka and Thailand with consumer credit and other financial services available to qualified customers. It also deals in seller notes, arising from the sale of the Singer worldwide sewing business and trademark in 2004, and in cash and cash equivalents.
The Company has no operating activities other than those carried out through Singer Asia. Retail Holdings is a Curacao public company, which is the successor company to the Singer Company N.V. and its predecessor companies.
Retail Holdings, formerly known as Singer N.V., changed its name to Retail Holdings N.V. following the sale of the sewing business and the Singer trademark.
The company’s audited consolidated financial statements for the twelve months ended December 31, 2009, and all prior statements since September 2000 together with Auditor's Reports thereon as well as press releases may be found at the Retail Holdings' website: www.retailholdings.com.
