Softlogic Holdings PLC and Softlogic Retail (Private) Limited who now own approximately 45.16 percent shares of Odel PLC have issued a mandatory offer to purchase the remaining 54.84 percent not already owned by Softlogic as Rs. 22 per share.

On 11 September 2014, Softlogic Holdings PLC together with Softlogic Retail (Private) Limited purchased 122,894,000 ordinary shares of Odel PLC at prices between Rs. 21.80 and Rs. 22.00.

Softlogic Holdings PLC bought 22.58 percent (61,447,000 shares) and Softlogic Retail (Private) Limited bought another 22.58 percent (61,447,000 shares).

This offer is open to all ordinary shareholder of Odel PLC registered at the close of the offer.

Softlogic Holdings PLC registered at 14, De Fonseka Place, Colombo 5, generating nearly Rs. 30 billion (USD 221 million) in the financial year 2013/2014 is one of the most diversified and fastest developing companies in Sri Lanka. Begun in 1991 as an IT software developing entity,  Softlogic Holdings has grown into one of the country’s most progressive conglomerates with 34 subsidiaries across the Information and Communication Technology, Retail, Healthcare Services, Financial & Insurance Services, Leisure and Automobile sectors.

The Softlogic Retail Group, its retail subsidiary is one of Sri Lanka’s leading distributors and retailers of consumer electronics, household appliances and furniture.

Its branded apparel and accessories business sells a portfolio of high end premier international clothing, footwear and accessories brands such as Nike, Levi’s, Giordano, Mango, Mothercare, Splash, Charles & Keith, French Connection and Dockers. Its watch station comprises Diesel, Skagen, Fossil, Adidas, Emporio Armani, DKNY and Michael Kors.

The Softlogic retail segment also comprises of franchise Quick Service Restaurant (QSR) chain and Burger King.