Motor Sale

Feb 22, 2011 (LBO) – United Motors, local agents in Sri Lanka for brand new Mitsubishi vehicles, has sold its subsidiary Orient Financial Services Corporation for 230 million rupees, a stock exchange filing said. The buyer of the unit, which does vehicle leasing and contract hire business, was People’s Venture Investment Company, part of the Janashakthi group.

The statement said United Motors sold its entire stake in Orient Financial Services Corporation of almost 24 million shares for 230 million rupees.

United Motors got full control of Orient Financial Services Corporation in June 2008 when it bought a 31.25 percent stake in the subsidiary owned by L E M Yaseen for a negotiated price of 12.25 rupees per share.