ECONOMYNEXT – Sri Lanka’s Hayleys Group company, Unisyst Engineering Plc, which announced it would be delisting from the Colombo Stock Exchange last month, has submitted an offer letter to shareholders to buy back shares at 6 rupees a share.
“Exit Offer of Sri Lanka Rupees Six (LKR 6) per share, made by Advantis Projects & Engineering (Private) Limited (“Majority Shareholder”) to the rest of the Shareholders of Unisyst Engineering Plc (the “Company”) who may wish to sell their shares in the Company,” the Hayleys Group said in a stock exchange filing.
The acceptance of the exit offer will commence at 9 am on May 28, 2024 and close at 1.30 pm on June 26, 2024, Hayleys said.
Formerly Alufab Plc, Unisyst Engineering is an aluminium supplier in Sri Lanka.
The Company’s revenue increased by 38 percent to 784 million rupees during the last financial year, according to its annual report, which also said “Unisyst Engineering PLC will continue to leverage the strengths of its partnership with Hayleys Advantis as it seeks to drive increased penetration in selected customer segments.”
The Company would focus on residential projects, “developing standard products to be marketed locally and for exports. Performance is also expected to be driven by the materialization of several medium-to-large scale projects for which the Company has already submitted bids.” (Colombo/May27/2024)