Sri Lanka Al-Futtaim's SAARC base
COLOMBO: Al- Futtaim Engineering, the Dubai based automotive retail,
electronics and financial services conglomerate yesterday acquired a
majority shareholding of Associated Motorways PLC, one of the biggest
automotive companies in Sri Lanka.
Al-Futtaim bought 71 per cent of the company for Rs 7 billion at Rs
174.50 per share, he said. This is one of the biggest transactions at
the CSE in recent times. Stock market analysts said it was a sign of
confidence in Sri Lanka's economy.
This acquisition will end the 50-year-old family owned business of
the company, which holds the franchise here for Suzuki (including Maruti),
Nissan, Renault and a number of other global brands.
AMW will be Al Futtaim's headquarters for the SAARC region in the
future. "The company needs to infuse more capital to accelerate growth.
therefore Al-Futtaim will invest heavily for the company from to medium
to long term perspective," Chairman Ajitha de Zoysa told at a press
conference.
Related Story: Al-Futtaim acquires AMW shares |
