Central Bank approves Richard Pieris, Chilaw Finance amalgamation

Dec 14, 2016 (LBO) – Sri Lanka’s Central Bank has granted approval for the amalgamation of Clilaw Finance with Richard Pieris Finance, by taking over all the assets and liabilities of Clilaw Finance. Following the approval granted by the Central Bank on 05th December, the Board of Directors of Richard Pieris Finance has approved the amalgamation proposal on 09th December 2016. Richard Pieris Finance is in control of the shareholding and the management of Chilaw Finance and as per the proposal, the shares of Clilaw Finance will not be converted into shares of Richard Pieris Finance. Remaining shareholders who still holds 9.99 percent of Clilaw Finance will be paid 22.50 rupees per share and thereafter all the shares of Clilaw Finance is to be cancelled.
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Under the 2014 financial sector consolidation plan, Richard Pieris Finance acquired 81.77 percent of Clilaw Finance at 26.50 per share on the trading floor in 2014. After the obligatory mandatory offer, the shareholding of Richard Pieris Finance increased to 90.09 percent. It is the intention of Richard Pieris Finance to acquire 100 percent of Clilaw Finance subject to necessary regulatory and shareholder approvals. The amalgamation process is to be completed by 31st March 2017 in compliance with the financial sector consolidation plan.