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United Motors Acquires Dutch Lanka Trailers for LKR700mn

Colombo Stock Exchange listed United Motors (UML) has entered into a share purchase agreement for the purchase of 100% of Dutch Lanka Trailer Manufacturers Limited (DLT) for a price of LKR700mn. The seller TRF Singapore (a Tata group firm) purchased DLT for a total price of approximately USD$17mn from 2009 to 2012. The current transaction indicates that TRF would be taking a significant loss on their investment.