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P.C. House Holdings and its Chairman S.H.M. Rishan have bought 51% of Finco Group’s Orient Garments (OGL) for nearly Rs.600 million yesterday. The sellers were believed to be Finco group lead subsidiaries and the transaction was completed around 1.43 p.m. whilst over 28.5 million shares of OGL crossed at Rs.21.50 in several blocks.
Speaking to Mirror Business S.H.M. Rishan said that he and his group personally bought the 51% of OGL, in a bid to expand its regional operations in to Bangladesh and China.
PC House Holdings, the parent of listed PC House (PCH) bought 12 million shares and S.H.M. Rishan said he bought 16 million shares of the OGL.
“We got few offers from Bangladesh and China, and we will soon set up operations in Bangladesh and an International Procurement Office (IPO) in China” Rishan added.
According to Managing Director of OGL Priyanjith Weerasooria, Rishan’s acquisition of OGL has come at a time when OGL group was looking in to a partner for regional expansion.
“Finco group will continue with its remaining 19% stake of the company and I will be on board during this smooth transition period until the company expands in to region” he said.
http://print.dailymirror.lk/business/127-local/51839-pc-house-buys-51-of-orient-garments-for-rs600mn.html
Speaking to Mirror Business S.H.M. Rishan said that he and his group personally bought the 51% of OGL, in a bid to expand its regional operations in to Bangladesh and China.
PC House Holdings, the parent of listed PC House (PCH) bought 12 million shares and S.H.M. Rishan said he bought 16 million shares of the OGL.
“We got few offers from Bangladesh and China, and we will soon set up operations in Bangladesh and an International Procurement Office (IPO) in China” Rishan added.
According to Managing Director of OGL Priyanjith Weerasooria, Rishan’s acquisition of OGL has come at a time when OGL group was looking in to a partner for regional expansion.
“Finco group will continue with its remaining 19% stake of the company and I will be on board during this smooth transition period until the company expands in to region” he said.
http://print.dailymirror.lk/business/127-local/51839-pc-house-buys-51-of-orient-garments-for-rs600mn.html
