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On September 3rd 2014 it was announced to Stock Exchange Richard Peiris Arpico Finance Ltd, a subsidiary of Richard Peiris company has earlier entered into a Memorandum of Understanding with major shareholders of Chilaw Finance PLC (CF) on August 15 to purchase 51% of CF shares.
It is now anticipated that Richard Peiris Arpico Finance Ltd will buy up to a 75% stake of Chilaw Finance at Rs.27 per share.
As at 13th August Richard Peiris Arpico Finance Ltd already purchased 12.54% stake of Chilaw Finance.
The Purchase of 51% of CF stake has been agreed in order to facilitate the financial sector consolidation process initiated by the Central Bank of Sri Lanka.
The Central Bank of Sri Lanka has given permission to proceed with the proposed transaction.
It is now anticipated that Richard Peiris Arpico Finance Ltd will buy up to a 75% stake of Chilaw Finance at Rs.27 per share.
As at 13th August Richard Peiris Arpico Finance Ltd already purchased 12.54% stake of Chilaw Finance.
The Purchase of 51% of CF stake has been agreed in order to facilitate the financial sector consolidation process initiated by the Central Bank of Sri Lanka.
The Central Bank of Sri Lanka has given permission to proceed with the proposed transaction.
