People’s Leasing completes acquiring 51-pct of Bangladeshi finance firm

PEOPLES-LEASING-FINANCE

Dec 05, 2017 (LBO) – People’s Leasing & Finance has completed the acquisition of 51 percent stake of the Bangladeshi finance firm, Alliance Leasing and Finance Company.

People’s Leasing has acquired 51,000,000 ordinary shares of Bangladeshi firm, which carries on the finance business under the Financial Institution Act, 1993 of Bangladesh.

People’s Leasing earlier said in a stock exchange filing that as the majority shareholder of the Bangladesh firm, People’s Leasing will have an entitlement to nominate a majority of the directors of Alliance Leasing and Finance.

On 15 May 2016, People’s Leasing entered into an agreement with Alliance Leasing and Finance for the acquisition of 51,000,000 ordinary shares, being 51 percent of the total issued capital of Alliance Leasing and Finance.