Sept 04, Colombo: Richard Peiris Arpico Finance Ltd, a subsidiary of Richard Peiris company has entered into a Memorandum of Understanding with major shareholders of Chilaw Finance PLC (CF) on August 15 to purchase 51% of CF shares.
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.
Currently Richard Peiris Arpico Finance Ltd is conducting a Legal and Financial due diligence on Chilaw Finance according to the MOU, Richard Peiris Group announced in a stock market disclosure.
The purchase price of the CF shares will be announced after the due diligence.
The Central Bank of Sri Lanka has given permission to proceed with the proposed transaction.