Sri Lanka’s Fintek Management Solutions acquires a business unit of another local conglomerate
Sri Lanka’s Fintek Managed Solutions (Pvt) Limited has reportedly said it is acquiring the Integrated Business Solutions (IBS) unit of another local conglomerate, Brown and Company PLC.
Local media reports state that with this acquisition Fintek will consolidate its role as the authorized distributor of Sharp office automation products and solutions in Sri Lanka.
In a previous release detailing its role as the distributor for Sharp products, Fintek had reportedly stated that its product line-up would include Sharp branded colour and monochrome photocopy machines, multimedia projectors, interactive white boards, cash registers and software solutions.
According to reports, the signing of this agreement with Brown and Company PLC has resulted in Fintek adding more products to its existing range of branded Sharp products and solutions.
Fintek is a fully owned subsidiary of Gestetner Ceylon PLC, a leading total document solutions provider in Sri Lanka.
The acquisition by one Sri Lankan company of a business unit of another local company indicates the strength of local businesses. It is also an indication of the overall growth of the country’s economy. Therefore, foreign companies could look at forming joint ventures with local companies to expand their business ventures in the South Asian region.
|Article Code :||VBS/AT/08082018/Z_1|