Ceylon Finance Today: Softlogic Finance plc, a company controlled by business magnate Ashok Pathirage, from a US$ four million loan received from FMO, a development bank controlled by the Netherlands Government, has converted $ two million of this loan to equity, accordingly giving FMO a 13.95% stake in the company.
The conversion is equivalent to the acquisition of 8.24 million shares of Softlogic Finance at Rs 34.96 a share for a total consideration of Rs 288.09 million. The pricing is based on the book value of this finance company's shares as at 31 March, 2014. Conversions have been made, on the basis that one US dollar is equivalent to Rs 144.05.
Prior to this acquisition, Softlogic Finance had a total number of 50.83 million issued shares, of which the public holding constituted 17.62 million or a 34.66% equity stake in the company, while 32.19 million shares were held by Softlogic Capital plc.
After the acquisition, the public holding in Softlogic Finance has been diluted to 29.83%. (PGA)
www.ceylontoday.lk
The conversion is equivalent to the acquisition of 8.24 million shares of Softlogic Finance at Rs 34.96 a share for a total consideration of Rs 288.09 million. The pricing is based on the book value of this finance company's shares as at 31 March, 2014. Conversions have been made, on the basis that one US dollar is equivalent to Rs 144.05.
Prior to this acquisition, Softlogic Finance had a total number of 50.83 million issued shares, of which the public holding constituted 17.62 million or a 34.66% equity stake in the company, while 32.19 million shares were held by Softlogic Capital plc.
After the acquisition, the public holding in Softlogic Finance has been diluted to 29.83%. (PGA)
www.ceylontoday.lk
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