Rs.1.36Bn takeover of People’s Merchant Finance by Sterling Capital

May 09, 2019 (LBO) – Sterling Capital Investments has completed a 1.36 billion rupee takeover of People’s Merchant Finance (PMF), a statement said.

The take over happened through a private placement of shares and a rights issue giving Sterling Capital a stake of 67.9 percent in People’s Merchant Finance, a company filling at the Colombo Stock Exchange said.

Sterling Capital’s investment raises PMF’s core capital over the minimum of 1.5 billion rupees stipulated by the Central Bank.