Otara sells out ODEL Company to Softlogic Holdings PLC

Otara leaves Odel Sells Company completely Says she will dedicate herself to animal welfare in future

Otara Gunawardena, proprietor of Odel PLC sells her Company together with shares belonging to her brothers today. Odel was one of the most leading garment outlets in the country.

She has decided to sell the Company and bid goodbye to her business career. All shares belonging to Ait Gunawardena and Ruvi Gunawardena were sold to Softlogic Holdings as a share-market transaction. As such, Softlogic Holdings has bought over 44.5% of shares of Odel.


Mr. Ajit Gunawardena, a pioneer of Odel said at the transaction that shares of Mrs. Otara Gunawardena amounting to 80.8 million, 39.4 million worth shares belonging to him and shares amounting to 1 million belonging to Mr. Ruvi Gunawardena had been sold at the rate of Rs. 22 per share and the value of this transaction was approximately Rs. 2.7 billion.

He further said, "We completely released ourselves from Odel business activities. What Otara hopes to do in the future is to engage in animal welfare and other activities".

Mrs. Otara Gunawardena had on a previous occasion sold some shares belonging to her of Odel PLC to a Malaysian Company and on behalf of this, 3 Directors had been appointed to the Board of Directors by the Malaysian Company.

Odel which was started as a small scale business institution by Mrs. Otara commenced some years ago down Dickman's Road and after developing it later, with her own effort managed to introduce Western and European fashions to Sri Lanka during that same period itself; thus adding attention to the outlet. Later it was established in Town Hall as a shopping complex and it caught the attraction of foreigners after which, branches were opened at various other localities.

Otara who earned a large amount of money from her businesses was even subjected to an award as the Best Leading Businesswoman in Sri Lanka. She has been devoted towards dogs and has even established Embark Association too on their behalf.

She has now decided to dedicate herself to animal welfare, relinquishing her business activities.

Information -- adaderanabiz.lk