Otara gives up ODEL, sells total shares to Softlogics

Founder of ODEL PLC Otara Gunawardene sold her entire shares in the company to the Softlogic Group for nearly Rs 2.7 billion.

Her brothers and Directors of ODEL Ajith and Ruchi Gunawardene sold their shares as well.

A total of 80.8 million shares from Otara, 39.4 million from Ajith and one million from Ruchi Gunawardene – 44.5 percent were thus sold to Softlogic at the Colombo Stock Exchange at Rs. 22 per share.

Otara would move away from the fashion and apparel sector and devote her time to her humanitarian work, said her brother and ODEL Director Ajith Gunawardena.

(Ada Derana)