Parkson Retail Asia Limited of Malaysia, the major stakeholder in Sri Lanka’s leading fashion apparels retail chain ODEL has agreed to sell all its shares to Softlogic Group for nearly Rs. 2.8 billion.

While informing this decision to the Malaysian Stock Exchange, Parkson Retail Asia which already owns the major 47.46 percent shares in ODEL has revealed that it has accepted the recent Mandatory Offer made by Softlogic Holdings PLC and Softlogic Retail Private Limited of the Softlogic Group.

This notification issued by Parkson Retail Asia Ltd Chief Executive Officer Toh Peng Koon states that the entire 129.1 million shares that the company holds in ODEL would be sold at Rs. 22 each under this Mandatory Offer.

Softlogic Group headed by prominent Sri Lankan businessman Ashok Pathirage recently acquired 45.16 percent shares in ODEL owned by its founder Otara Gunawardene and her family members for Rs. 2.7 billion at Rs. 21.80 and Rs. 22.00 per share.

The Mandatory Offer by Softlogic to acquire the balance shares of ODEL stated that it was prepared to buy the remaining 54.84 percent shares of ODEL at Rs. 22.00 each.

The Malaysian Stock Exchange has been informed that Parkson Retail Asia Ltd had bought the ODEL shares in July 2012 and that the company stands to gain a capital profit by selling them back to Softlogic Group.

Chairman of Softlogic Group, Asoka Kariyawasam Pathirage took over as Executive Director/Chairman of ODEL with effect from 22 September while Dr. Sivakumar Selliah and Haresh Kumar Kaimal were appointed Non-Executive Directors.

Below is the disclosure to the Malaysian Stock Exchange by Parkson Retail Asia Ltd: