The pioneer of Sri Lanka’s ODEL chain of fashion garments and accessories retail outlets, Otara Del Gunawardene bids adieu as Executive Director and Chief Executive Officer to her creation with effect from 31 October.

Currently, 93.2 per cent controlling shares of ODEL are with prominent Sri Lankan businessman Ashok Pathirage’s Softlogic Group.

Recently, Softlogic Group acquired 45.16 per cent shares owned by ODEL pioneer Otara Gunawardene and her family for Rs. 2.7 billion. Following this two subsidiaries in the Softlogic Group, namely Softlogic Holdings and Softlogic Retail Private Limited issued a mandatory offer to buy the remaining share of ODEL.

Through this mandatory offer Softlogic acquired a further 130.7 million or 48.04 per cent of ODEL shares.

Malaysia’s Parkson Retail Asia Ltd which was the main stakeholder in ODEL recently informed the Malaysian Stock Exchange that it was selling all its shares or 47.46 per cent of the entire shares in ODEL to Softlogic Group under the mandatory offer.

Effective 22 September, Chairman of Softlogic Group, Ashok Pathirage was appointed Chief Executive Officer and Chairman of ODEL.