People’s Bank to make mandatory offer for People’s Merchant Finance shareholders

Peoples-Bank

July 06, 2015 (LBO) – Sri Lanka People’s Bank and People’s Leasing and Finance is to make a mandatory offer to the remaining shareholders of People’s Merchant Finance following a joint share acquisition, People’s Bank said.

People’s Bank and People’s Leasing and Finance on 03 July 2015 has acquired a total of 6,461,543 ordinary shares at a price of 22.00 rupees per share representing 9.57 percent of the voting rights in People’s Merchant Finance.

Following the acquisition, the People’s Bank and People’s Leasing and Finance currently own 32,921,519 voting shares or 48.77 percent of People’s Merchant Finance triggering a mandatory offer to the remaining shareholders of People’s Merchant Finance.