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Wednesday October 5th, 2022

Sri Lanka’s LB Finance buys tiny Multi-Finance

ECONOMYNEXT – Sri Lanka’s LB Finance Plc said it had bought a 64 percent stake in Mutli Finance Plc, a smaller finance company for 400 million rupees.

LB Finance paid 9.70 rupees per share for 28.7 million shares and 9.80 rupees per share for 12.32 million shares, Acuity Stockbrokers said in a stock exchange filing.

LB Finance is expected to make a tender offer for the balance shares.

Fairway Holdings was the major shareholder of Multi-Finance.

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