Sri Lanka’s Softlogic Capital to buy Abans Finance, merge with Softlogic Finance

ECONOMYNEXT – Sri Lanka’s Softlogic Capital Plc said it will buy a 49.67 percent stake in Abans Finance from its parent at 30.10 rupees a share and make an offer to buyout other shareholders.

Softlogic Capital also owns a 72.9 percent stake in Softlogic Finance, another non-bank finance company.

After the offer, Softlogic Capital intends to merge the two finance companies, under a central bank initiated consolidation plan, Chairman Ashok Pathirage said in a stock exchange filing.

Any remaining shareholders of Abans Finance would get 11 shares of Softlogic Finance Plc shares for every 6 shares of Abans.

The ratio was based on the net asset values of the two firms as at June 30, 2020. (Colombo/Sept29/2020)