Abans to get capital infusion to expand present business lines

It is understood that Sri Lankan family owned business, Abans (Pvt) Ltd is to get a $40 million equity investment from a leading global private equity fund to expand their current business and strengthen its position as the largest retailer of consumer durables in the country.

According to recent rating agency reports, Abans has adequate liquidity and has achieved a compounded annual revenue growth of over 25% in the past 3 years with current group revenues in retailing alone expected to be in excess of Rs. 25 billion. Abans has a network of over 400 showrooms Island wide and a wide range of products from internationally acclaimed brands such as LG, Toshiba, Mitsubishi Electric, Haier, Whirlpool, Electrolux, Philips, Apple and HP.

Abans is also involved in financial services, environmental solutions, transport and logistics, cash management solutions, automobiles, restaurants and real estate development.

The new capital will likely be utilized for expanding the existing showroom and service network and for backward integration of the manufacturing facilities at its associate Abans Electricals Ltd.

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