Dialog Axiata PLC, Sri Lanka’s premier connectivity provider announced today (12) that it had successfully completed the acquisition of an 80.34% stake in Colombo Trust Finance PLC (CTF) from Cargills Bank Limited at a price of LKR 28.70 per share. Colombo Trust Finance PLC is a finance company licensed by the Central Bank of Sri Lanka operating under the Finance Business Act No. 42 of 2011.
The transaction which was approved by the Monetary Board of the Central Bank of Sri Lanka was completed via a crossing on the Colombo Stock Exchange on 12 September 2017 at a transaction value of LKR 1072 Million. In accordance with the Takeovers and Mergers Code of Securities and Exchange Commission, Dialog will proceed to announce a mandatory offer to the remaining shareholders of Colombo Trust Finance PLC.
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