Sri Lanka Billionaire ‘Leverage King’ titled Ashok Pathirage’s Softlogic group controlled Odel PLC in a Colombo Stock Exchange (CSE) disclosure said that Odel acquired 100% stake of Cotton Collection (Pvt) Ltd from Niloufer Esufally Anverally for Rs. 300 million.

“The decision to enter into this transaction is in line with the company's strategy of expanding the product portfolio and retail footprint” the disclosure said adding that the acquisition will give the group significant flexibility in terms of brand positioning utilizing product portfolios of both Odel and Cotton Collection. The filing further noted that in addition the company sees significant synergies in terms of back office amalgamation, human resources functionality and blended customer base of both Odel and Cotton Collection.

- Reporting by Devendra Francis