Sri Lanka’s Bartleet Finance and Orient Finance to be merged

June 29, 2015 (LBO) – Sri Lanka’s Bartleet Finance Plc, and Orent Finance had been given approval by shareholders, to merge both companies, Orient Finance said in a stock exchange listing.

“Existing shareholders would get a payment of 14.97 rupees per share for every one ordinary share of Orient finance or 01 ordinary voting share in Bartleet finance for every 9.075 share held in Orient Finance, the company said.

However the company inform that the shares of Bartleet Finance will be listed upon receiving approval from Central Bank of Sri Lanka and subject to in principal approval from the Colombo Stock Exchange.

In a related stock filing, First Capital Holdings Plc said it had accepted an offer made by Bartleet Finance Plc to purchase First Capital Holdings Plc’s, 25 percent stake in Orient Finance for 432.7 million rupees.

First Capital Holdings will realise a capital gain of 23 million rupees on the deal.