alfuttaim-buys-sri-lankan-auto-dealer

Al-Futtaim buys Sri Lankan auto dealer

Dubai's Al-Futtaim group will spend up to $90 million for Sri Lankan tyre manufacturer and automobile distributor Associated Motorways.
Al-Futtaim, the Dubai automotive, retail and electronics group, has acquired a majority shareholding in Sri LankaÆs Associated Motorways AMW at a price that values the entire firm at an equity value of SLR9.71 billion $90.3 million.

Colombo-headquartered law firm and financial adviser Julius Creasy advised Al-Futtaim on the purchase of 39.6 million shares, representing 71.15% of the capital of AMW at a price of SLR174.50 per share. Al-Futtaim bought the 51.15% stake held by investment holding company Associated Electrical Corp, as well as the 20% held by diversified investment company John Keells.

The price translates into a total outlay for Al-Futtaim of SLR6.91 billion $64.2 million for the 71.15% stake. Both...
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