Ceylinco Finance-Asian Finance merger stalled

Financial Times

Ceylinco Finance-Asian Finance merger stalled

The Central Bank (CB) has ordered Ceylinco Finance to obtain the CB’s final approval for the merger with Asian Finance, the company has said in a filing to the Colombo Stock Exchange.
The company has said that as such it would not be possible to have the effective date of amalgamation on January 29, 2009. "In the above circumstances the new shares to be allotted to the minority shareholders of Asian Finance Ltd would have to be deferred until the new date of amalgamation.

This would be notified to the minority shareholders of Asian Finance Ltd as well," the company statement said.

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