Central bank approves merger proposal of 2 finance companies
The Central Bank of Sri Lanka (CBSL) has approved the merger proposal of Arpico Finance Company PLC (AFC) with Associated Motors Finance Company PLC (AMF) on Tuesday (22).
The two companies said in separate stock exchange filings the AMF is expected to complete the merger by 31 March, 2021 and will be the surviving company.
According to the Ada Derana, the holders of 444,890 shares of AFC constituting 5.98% of the issued shares of AFC other than the 6,992,610 shares held by AMF constituting 94.02%, shall receive 76 ordinary shares of AMF for every one hundred shares of AFC.
Shares held by AMF in AFC will be cancelled without payment of any consideration, when the amalgamation becomes effective as per the Companies Act.
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