WILLEMSTAD, Curacao, March 23, 2016 /PRNewswire/ --
Retail Holdings N.V. (Symbol: RHDGF)
Retail Holdings N.V. ("ReHo" or the "Company"), announced today that it had placed 8,050,000 shares of the stock of Singer (Sri Lanka) PLC with seven, primarily international, institutional investors, reducing its ownership stake in the Sri Lanka company from 86.11% to 79.68%. The placement, which took place through the Colombo Stock Exchange, Sri Lanka, was at a slight discount to the previous day closing price, generated approximately US$ 7.0 million in proceeds.
Commenting on the placement, Stephen H. Goodman, the Company's Chairman, President and CEO noted, "The placement, which represents another step in ReHo's strategic program to monetize the underlying value of the Company's assets, is intended to introduce the Sri Lanka company to international institutional investors, create additional liquidity in the stock, while meeting the Sri Lanka requirement that publically traded companies have at least a 20% public shareholding."
About Retail Holdings
Retail Holdings has three principal assets: 1) a 54.10% equity interest in Sewko/Singer Asia, a distributor of consumer durable products in Bangladesh, Cambodia, India and Sri Lanka, with consumer credit and other financial services; 2) cash and cash equivalents; and 3) seller notes, arising from the sale of the sewing business and Singer trademark in 2004. The Company has no operating activities other than those carried out through Sewko/Singer Asia.
Additional financial and other information about the Company may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's Shares are available on the "Pink Sheets" quotations service under the symbol "RHDGF".
For further information, please contact Amy Pappas at 1-914-241-3404.
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SOURCE Retail Holdings N.V.