Ceylon Finance Today: Commercial Leasing and Finance, a subsidiary of Lanka Orix Leasing Company (LOLC), has purchased a 56.34% stake in BRAC Lanka Finance for Rs 578 million, and will infuse Rs 1.25 billion for loan repayment.
Commercial Leasing and Finance told the Colombo Stock Exchange that the company purchased 56.34% stake in BRAC Lanka Finance from BRAC Lanka Investments as part of the financial sector consolidation programme of the Central Bank.
Accordingly, the company had purchased 59,581,204 shares at Rs 9.70 for a total consideration of Rs 578 million.
CLC further will infuse up to Rs 1.25 billion to BRAC Lanka Finance as working capital to repay the loans obtained by the BRAC Group for the purpose.
LOLC Micro Investment Limited, a fully owned subsidiary of the LOLC group, holds a 35.02% stake in BRAC.
A mandatory offer will be announced shortly as the transaction triggers the Take Over and Mergers Code.
www.ceylontoday.lk
Commercial Leasing and Finance told the Colombo Stock Exchange that the company purchased 56.34% stake in BRAC Lanka Finance from BRAC Lanka Investments as part of the financial sector consolidation programme of the Central Bank.
Accordingly, the company had purchased 59,581,204 shares at Rs 9.70 for a total consideration of Rs 578 million.
CLC further will infuse up to Rs 1.25 billion to BRAC Lanka Finance as working capital to repay the loans obtained by the BRAC Group for the purpose.
LOLC Micro Investment Limited, a fully owned subsidiary of the LOLC group, holds a 35.02% stake in BRAC.
A mandatory offer will be announced shortly as the transaction triggers the Take Over and Mergers Code.
www.ceylontoday.lk
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