Tuesday, 27 April 2021 22:48

Hayleys Plc takes over South Asia Textiles Ltd as its 32nd acquisition Featured

airman billionaire businessman Dhammika Perera is continuing its business expansion with its latest acquisition of South Asia Textiles Ltd. (SAT) for Rs. 4 billion or 2.5 times book value.Sri Lankan multinational conglomerate Hayleys Plc headed by its Chairman Mohan Pandithage and Co-Ch

It was the Hayley’s 32nd acquisition surpassing Rs 45 billion in its investment spree; company sources said adding that the combined 100% investment value of these initiatives is Rs. 62.55 billion.

The multinational Hayleys is internationally recognised as a leader in innovation, with manufacturing facilities in Indonesia, India and Thailand; marketing operations in Australia, India, Bangladesh, Italy, Japan, the Netherlands, UK and USA; and offering transportation and logistics solutions in the Maldives, Myanmar, India, Singapore, Indonesia and Malaysia.

Engaged in 12 industry sectors, value chains and communities, the Group accounts for approximately 3.2% of Sri Lanka’s export income, and 3.6% of tea and 3.9% of rubber production. Hayleys Group directly employs 31,000 and a further 20,000 indirectly.

Serving over 10 million customers across five continents, the Group fulfils 5% of global demand for household and industrial gloves and is the world’s largest producer of coconut shell-based activated carbon.

It is also Sri Lanka’s largest exporter of processed agricultural food and largest manufacturer and supplier of consumer durables apart from being a leader in Sri Lanka’s transportation and logistics.

Whilst Hayleys’ stellar full-year results for FY21 are pending, during the decade ended in the last financial year of 2020, Group revenue amounted to Rs. 210.3 billion up from Rs. 54.3 billion in FY11 reflecting a 14% compound annual growth rate.

Non-current assets have grown by 16% during the 10 years to Rs. 130.6 billion and current assets by 17% to Rs. 117.6 billion. Borrowings had grown by 22% to Rs. 123.5 billion and capital employed shot up by 17% to Rs. 186. 4 billion from Rs. 40.3 billion in FY11.

Hayleys’ previous biggest investment was when it acquired control of Sri Lanka Shipping Ltd. for Rs. 5.3 billion, preceded by the mega buy of Singer Sri Lanka for Rs. 16 billion in FY 2018. The former purchase triggered a slew of related investments including Rs. 868 million to acquire the operations of American President Lines (APL).

 

 

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