Abans PLC, the controlling shareholder of Abans Finance PLC, will be selling its stake in the finance company to Softlogic Capital PLC, the holding company of Softlogic Finance PLC, with a capital gain.
The boards of both Abans PLC and Softlogic Capital PLC approved the proposed transaction on Tuesday, Abans said in a media release.
Abans Finance PLC was established as a registered Finance Leasing company in 2006. The principal lines of business include finance leasing, mortgage loans, personal loans, and acceptance of time and savings deposits. The company currently operates across island through a network of branches and customer service centres. Softlogic Finance PLC was established as a registered Finance Leasing company in 1999. This company operates through a branch network of 36 locations and offers leasing, mortgage loans, personal loans, gold loans and acceptance of time and savings deposits.
Shareholders of Abans Finance PLC will have the option to accept cash at a price of Rs. 30 through the mandatory offer for every share held in Abans Finance PLC, which reflects a premium of 47 per cent to the recently traded price of Rs. 20.50 as of September 28, 2020 or accept 11 shares in Softlogic Finance PLC for every 6 shares held at Abans Finance PLC on the subsequent amalgamation.
This transaction is subject to obtaining all necessary shareholder approvals and regulatory approvals from the Central Bank, Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka, the announcement said.
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