People’s Leasing wants People’s Merchant property sale for amalgamation

July 29, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance says it will amalgamate with People’s Merchant Finance within this financial year subject to two conditions, the company said. In a stock exchange filing, People’s Leasing and Finance said the first condition is the sale of People’s Merchant Finance property located at Nawam Mawatha, Colombo 2. As the second condition, the company want to receive all approvals required for the sale of the above property and the proposed amalgamation from People’s Merchant Finance.
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The proposed amalgamation follows a direction issued by the Monetary Board of the Central Bank and the modality of this amalgamation is yet to be finalized.