Sri Lanka’s Softlogic Holdings Plc buys Bangladesh retail superstore Agora
Sri Lanka’s Softlogic Holdings Plc has announced that the company will be venturing into the retail market in Bangladesh with its fully owned subsidiary, Softlogic Retail Holdings (Pvt.) Ltd., entering into a sale and purchase agreement recently for the acquisition of Agora Ltd. of Bangladesh.
The acquisition has been carried out by Softlogic acquiring a 100% stake in the said company via a series of transactions, Sri Lanka’s Softlogic Holdings Plc buys Bangladesh retail superstore Agora
subject to terms and conditions set out therein and receipt of regulatory approvals, according to local media reports.
Agora Ltd. of Bangladesh, headquartered in Dhaka, is a retail superstore that operates a chain of hypermarkets, discount department stores, and grocery stores.
According to reports, Softlogic Retail Holdings (Pvt.) Ltd. drives the dynamic and aggressive retail sector of the Softlogic Group, encompassing synergies from its multi-brand and multi-channel strategy, focused on enhancing the retail landscape in Sri Lanka.
Softlogic Retail Holdings (Pvt.) Ltd.’s current operations include branded apparel, consumer electronics, mobile handset and distribution, supermarkets, and quick-service restaurants.
Many Sri Lankan businesses are engaged in diversifying and expanding their businesses locally as well as internationally. The strength and growth of the country’s private sector is indicative of the overall growth and expansion of Sri Lanka’s economy despite facing the pandemic challenges. Sri Lanka’s ongoing development programme and the positioning of the country as a growing business destination in the region have helped the expansion of the country’s business/investment opportunities. Also, the country’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the ease of doing business environment have all helped boost Sri Lanka’s image as a growing business destination. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka.
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