Quess Corp Ltd – Acquisition of Randstad Lanka
Bangalore April 26, 2016: Quess Corp Ltd (“Quess”) today announced the completion of the acquisition of Randstad Lanka Pvt Ltd (“Randstad Lanka”) from Randstad India Private Limited (“Randstad India”). The acquisition was closed pursuant to the terms of a share purchase agreement that was entered on October 14, 2015.
Headquartered in Colombo, Randstad Lanka offers staffing and human resource solutions in Sri Lanka. The company services several clients, including Sri Lankan operations of several Fortune 500 clients.
Speaking on the acquisition, Ajit Isaac, Chairman and MD, Quess commented, “The acquisition lends heft to our People and Services business segment and to our presence in Asia Pacific. More importantly, Randstad Lanka gives us a strategic beachhead in Sri Lanka which can be used for launching our offerings in Integrated Facility Management, Managed Services and other businesses in Sri Lanka.”
This acquisition is expected to strengthen Quess’ position as one of the leading providers of integrated business services.Post completion of this acquisition, Quess operates across eight countries with a strong presence in the Asia Pacific.
“Quess Corp Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the Book Running Lead Manager(s) at www.axiscapital.co.in, www.icicisecurities.com, www.iiflcap.com and www.yesinvest.in. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the aforementioned offer document.The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act, 1933 (“U.S. Securities Act”) or any state securities laws in the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.”