TRF acquires Balance 49% Stake in Dutch Lanka Trailer Manufactures Ltd (DLT), SRI Lanka - A world class Trailer Manufacturing Company

• Security Code: 505854
• Company: TRF

TRF Ltd has submitted to BSE a copy of Press Release dated January 02, 2012, titled, "TRF acquires Balance 49% Stake in Dutch Lanka Trailer Manufactures Ltd (DLT), SRI Lanka - A world class Trailer Manufacturing Company".

Press Release:

"On July 07, 2009 TRF Ltd had acquired 51% stake in Dutch Lanka Trailer Manufacturers Ltd, Sri Lanka (DLT) for USD 8.67 million, through its wholly owned subsidiary, TRF Singapore Pte. Ltd. with a 'Put' and 'Call' option to buy out balance 49% stake of DLT for USD 8.33 million.

As per the agreement, the shareholders of remaining 49% stake of DLT have exercised the put option and the same has been bought TRF through TRF Singapore on December 30, 2011 at the agreed consideration. Consequently, DLT has become a wholly owned subsidiary of TRF Singapore Pte. Ltd.

DLT has manufacturing facility in Sri Lanka and sells trailer in as many as 30 countries. Dutch Lanka Engineering (Private) Limited, 100% subsidiary of DLT in Sri Lanka, is engaged in Repairs, maintenance and service business for Trailers. It also manufactures Trailers for the Sri Lankan market. DLT also has a subsidiary in OMAN which manufactures and sales trailers in Middle East markets. Through its Joint Venture with TATA International Limited in India, it manufacturers and sells Trailers in India."