Businessman Ashok Pathirage’s Softlogic group today bought 44.5 percent of Odel PLC, an up market fashion and lifestyle brands retailler in the country.

The sellers were Odel founder and Managing Director Otara Gunewardene, and her two brothers Ajith and Ruchi Gunewardene, who were also directors of Odel.

 The development came just a day after the company celebrated its 25th anniversary.

With this new transaction, a question looms large over the future of Otara Gunawardena as the Managing Director of Odel. As Asian Mirror learns, there is no official agreement between Softlogic group and Gunawardena pertaining to her continuity of service as the Managing Director of the company.

Malaysia’s Parkson Retail Asia Limited holds 47 percent of Odel. Although the Malaysian company had the lion's share at Odel, there was an agreement to retain Otara Gunawardena as the Managing Director of the company.

The deal was carried out at Rs.22 per share.