Aug 05, Colombo: Sri Lanka's Cargills Bank today acquired a 73.4 percent stake representing over 28.45 million shares of Capital Alliance Finance Plc (CALF).
The ordinary voting shares were acquired at prices ranging from 15.40 rupees to 15.50 rupees per share.
Cargills Bank in a disclosure to the Colombo bourse said in due course, it will make a mandatory offer for the remaining shares of Capital Alliance Finance as required by the Takeovers and Mergers Code.
Capital Alliance Holdings, the controlling shareholder of Capital Alliance Finance, disclosed that it divested 68.43 percent of its issued capital of 26.5 million shares to Cargills Bank at prices ranging from 15.40 rupees to 15.50 rupees per share.
Cargills Bank Limited is licensed by the Central Bank of Sri Lanka as a commercial bank.