Following a review of the management structure of the overall operations of Singer Asia Limited, Singer (Sri Lanka) BV which is the parent company of Regnis (Lanka) PLC, Singer Industries (Ceylon) PLC and Singer (Sri Lanka) PLC, has offered to sell its controlling interest in Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC to Singer (Sri Lanka) PLC.

The present shareholding of Singer (Sri Lanka) BV is as follows:

Regnis (Lanka) PLC – 6,568,461 shares which is 58.29 per cent

Singer Industries (Ceylon) PLC – 3,213,600 shares which is 83.55 per cent

The purchase would result in Singer (Sri Lanka) PLC being the holding company of both Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC.

The Board has recommended the management of Singer (Sri Lanka) PLC to evaluate and advise the Board on this proposal.