This represents over 96% of the total outstanding Ordinary Voting shares of TFI.
Commercial Credit and Finance PLC will make the Mandatory Offer for the remaining shares of TFI at the said price of Rs. 28/- per share as required by the Company Takeovers and Mergers Code 1995 (as amended), in due course.
CEO of Commercial Credit, Mr. Roshan Egodage said, “Our acquisition of Trade Finance and Investments is in line with our support of the Financial Sector Consolidation program initiated by the Central Bank of Sri Lanka. TFI which we have acquired at a value of over Rs. 1.5 Bn is no doubt one of the best performing companies in Sri Lanka. We’re confident that this acquisition will enhance our overall portfolio and, in the long term, contribute to enhancing our service offering to our thousands of customers across Sri Lanka.”
The Central Bank of Sri Lanka has, by letter dated 04th August 2014, confirmed that it has no objection to Commercial Credit and Finance PLC acquiring the shares in Trade Finance and Investments PLC, subject to relevant statutory and regulatory approvals. Commercial Credit has made this share acquisition as a part of the ongoing Financial Sector consolidation program under the leadership of the Central Bank of Sri Lanka.
