Sri Lanka Janashakthi completes acquisition of Bartleet Finance
Colombo (EconomyNext) – Sri Lankan insurer Janashakthi PLC has completed acquisition of a controlling stake in Bartleet Finance for 875 million rupees with the aim of amalgamating it with its subsidiary Orient Finance.
The stake of 6.6 million shares of Bartleet Finance (BFL) was acquired on January 22, 2015, raising Janashakthi’s shareholding in the finance company to 86.79 percent, a stock exchange filing said.
Janashakthi already had 993,749 shares or 13 percent of Bartleet Finance bought at 110 rupees each between January 2 and 10 for 109 million rupees.
The insurer now holds 7.6 million shares of BFL or about 99.78 percent of its voting rights.
Janashakthi has offered to buy from BFL shareholders the balance 16,877 shares (0.22 percent) at 110 rupees a share, being the price at which it bought the shares of BFL on 22 January 2015.
The Securities and Exchange Commission in December 2014 gave approval for Janashakthi to dispense with having to make a mandatory offer to the remaining shareholders of BFL as only debentures of BFL are listed.
The Central Bank last August approved the acquisition of Bartleet Finance by Janashkthi Limited on behalf of Orient Finance and the subsequent amalgamation of the two companies.