ODEL Plc had bought 99.99 percent of Softlogic Brand (Pvt) Ltd, from Softlogic Retail (Pvt) Ltd and Dai-Nishi Securities (Pvt) Ltd.

The firm said Softlogic Brands had 41,000 square feet of prime retail space in Colombo and a portfolio of 20 brands.

The acquisition was made with the aim of "unlocking the post-acquisition synergies" between Odel and Softlogic group.

Odel will also settle 1.1 billion rupees due to Soflogic Retail by Softlogic Brands on or before 31st March 2015, the statement said.

(EconomyNext)