Commercial Leasing & Finance PLC (CLC), LOLC’s subsidiary acquired the controlling stake of 56.3% in BRAC Lanka Finance Company PLC (BLFC). Completing the transaction with BLFC’s previous owner, CLC bought the balance held by BRAC consolidating its position at 59.33%. With this acquisition, LOLC Group owns 94.35% of BLFC considering the associate stake in BLFC of 35.02% held by LOLC Micro Investments Ltd.
With this acquisition, CLC will be making a mandatory offer to the rest of the shareholders of BLFC to acquire the balance shareholding. CLC is planning on merging BLFC’s full business operations in the near future in line with the CBSL direction on financial sector consolidation. CLC’s total investment in BLFC is expected to be Rs.1.025 billion, the firm said.
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With this acquisition, CLC will be making a mandatory offer to the rest of the shareholders of BLFC to acquire the balance shareholding. CLC is planning on merging BLFC’s full business operations in the near future in line with the CBSL direction on financial sector consolidation. CLC’s total investment in BLFC is expected to be Rs.1.025 billion, the firm said.
www.nation.lk
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