Sri Lanka's Kshatriya Holdings will exit retailing by selling assets of its 'Magna' branded supermarket division to rival 'Laugfs' chain, the company said.

Kshatriya would sell to Laugfs the assets of nine supermarkets.

"The total consideration would be linked to the valuation of assets," the company said in a stock exchange filing.

"Magna supermarkets will cease operations on the conclusion of the sale."

Ksatriya Holdings said it expected to conclude the transaction "within the next few days."

The firm bought the chain, then known as 'Kings' and re-branded it as Magna. (LBO)