People’s Leasing, People’s Bank up stake in PMF; trigger mandatory obligations

7 July 2015 02:54 am - 0 - {{hitsCtrl.values.hits}}

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People’s Leasing & Finance PLC (PLC) and its parent People’s Bank have acquired a significant stake in People’s Merchant Finance PLC (PMF) and will be making a mandatory offer to the shareholders in the near future.

PLC and People’s Bank have bought 9.57 percent of the ownership in PMF represented by 6.46 million shares at a price of Rs.22 per share, while the price of a share on the trading floor was Rs.25.10.

Following the purchase, the two entities now own 48.77 percent of the shares in PMF and as a result, they will be making a mandatory offer to the remaining shareholders of PMF.

The seller was Govindasamy Ramanan, who in the latest financial statements released in December 2014 was listed as PMF’s Managing Director.
The sale represents Ramanan exiting PMF.

Capital Trust Holdings (Pvt.) Ltd owner and PMF Director Thushen Wickramasinghe had owned 20.21 percent of the shares in PMF, according to the same statements.

As reported in Mirror Business last month, the Central Bank has given PLC permission to manage PMF, despite lacking a controlling share.

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People’s Leasing, People’s Bank up stake in PMF; trigger mandatory obligations

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