Smooth Ride

Businessmen Rajah Mahendra Nanayakkara and his company Ishara Traders has acquired controlling stake of Lanka Orix Leasing Co. (LOLC) at the close of a voluntary offer.rn

rnRegistrars to the offer SSP Corporate Services said Nanayakkara has bought up a further 23.35 percent from Powick Finance Ltd. at Rs. 52 per share. Ishara Traders now control a little over 48 percent of LOLC.rn

rnWith the voluntary offer closing on November 29, Nanayakkara has appointed his son, Ishara to the post of Vice Chairman to ensure the family plays a role to improve the already efficient operations, LOLC Chairman, C P de Silva said in a statement on Tuesday.rn

rnDe Silva described the takeover as lquote one of the smoothest takeovers of recent times
quote . rn

rnldblquote The calmness and cordiality with which it was effected is testimony to the power of dialogue. From the very first major purchase of LOLC shares made last year, Mr. Nanayakkara had discussed his intentions with me. He said he invested in LOLC as it had mos