Nanayakkara family increases LOLC stake to 85 %, buying Japan's ORIX shares

Business

The Ishara Nanayakkara family-led LOLC Group on Wednesday increased its stake in the company, buying over the 30 per cent stake held by Japan’s Orix Corporation, the one-time owners of the company.

In a transaction done on the Colombo Stock Exchange, the deal is worth nearly Rs 13 billion or US$ 85 million dollars.

The Nanayakkara family has increased its stake to 85 per cent from 55 per cent earlier with this transaction while the balance 15 per cent is held by the public. The group is involved in various business sectors with focus on financial markets and micro finance. (DEC)