Wednesday, February 29, 2012
Access Engineering acquires control of Sathosa Motors
Leading businessman Sumal Perera’s Access Engineering secured the controlling stake of Sathosa Motors PLC (SMOT), the agents for the Isuzu vehicle range in Sri Lanka,in a deal to the tune of Rs.846 million.
Accordingly, Access Engineering bought 3.6 million shares of SMOT, each at Rs.235 from Japan’s Itochu Corporation in one crossing on the Colombo Stock Exchange a while ago.
“We see a lot of synergies between Sathosa Motors and Access Engineering, specially with us being one of the leading engineering companies in the country,” Sumal Perera, revealing the rationale behind the deal told Mirror Business.