Abans to sell stake in Finance arm to Softlogic Capital | Sunday Observer

Abans to sell stake in Finance arm to Softlogic Capital

4 October, 2020

Abans PLC, the controlling shareholder of Abans Finance PLC, will sell its stake in the finance company to Softlogic Capital PLC, the holding company of Softlogic Finance PLC. The Boards of Abans PLC and Softlogic Capital PLC approved the proposed transaction last week.

Abans Finance PLC was set up as a registered finance and leasing company in 2006. The company currently operates across the island through a network of branches and customer service centres. Softlogic Finance PLC was established as a registered Finance and Leasing company in 1999.

The company operates through a branch network and offers leasing, mortgage loans, personal loans, gold loans and acceptance of time and savings deposits.

Shareholders of Abans Finance will have the option to accept Rs. 30.1, through the mandatory offer, for every share held in Abans Finance, which reflects a premium of 47% to the recently traded price of Rs. 20.50 (as at September 28, 2020) or accept 11 shares in Softlogic Finance for every six shares held at Abans Finance PLCon amalgamation. This transaction is subject to obtaining all shareholder and regulatory approvals from the Central Bank, Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka.