Commercial Credit acquires Trade Finance & Investments

Commercial Credit & Finance PLC has acquired the control of Trade Finance & Investment PLC, a company controlled by the Cooray family, owners of Jetwing Group. Several blocks of Trade Finance shares traded in the morning hours, each share at Rs.28. The Cooray family owned over 75 stake of the company as of the March, 2014 interim financial accounts of the company. The net asset per share of Trade Finance stood at Rs.13.94. The asset base was Rs.1.6 billion. It is believed that the two largest private banks, Commercial Bank PLC and Hatton National Bank PLC were also interested in acquiring the control of Trade Finance. Incorporated in 1978, Trade Finance was listed in the Colombo Stock Exchange in 2011. www.dailymirror.lk