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Published on Friday, 12 September 2014 14:33

Barc 410px 14 09 12Commercial Leasing & Finance PLC acquired 59,581,204 shares (56.34 percent) of BRAC Lanka Investments Private Limited.

The acquisition was made yesterday (Sep. 11) at Rs. 9.70 per share.

"In furtherance of the Central Bank's program on the financial sector consolidation to achieve greater financial system stability, Commercial Leasing & Finance PLC, a subsidiary of LOLC on 11 September 2014, acquired 59,581,204 shares (56.34%) of BRAC Lanka Finance PLC from BRAC Lanka investments (Pvt) Ltd. for a consideration of Rs. 9.70 per share," the company has said in a corporate disclosure.

The company also adds that a mandatory offer will be made for the remaining shareholders.

Corporate disclosures also state that the approval of the Central Bank of Sri Lanka has been obtained for this acquisition.

LOLC Micro Investments Limited, a wholly owned subsidiary of LOLC presently holds 35.02 percent shares of BRAC.

Commercial Leasing & Finance, which is a subsidiary of LOLC says that it has approved working capital financing up to Rs. 1,250 million to BRAC to facilitate repayment of working capital loans obtained by BRAC from the BRAC Group.

The Corporate disclosures issued on this regard are shown below :

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Last Updated on Friday, 12 September 2014 14:33