Associated Motor Finance Company PLC (COSE:AMF.N0000) completed the acquisition of remaining 5.98% stake in Arpico Finance Company PLC from a group of shareholders.
Transaction is subject to approval of Colombo Stock Exchange for issuance and listing of consideration shares and approval from shareholders of Associated Motor and Arpico along with approval of lenders. On December 7, 2020, The board of Associated Motor Finance resolved to recommend to the shareholders of the companies, to amalgamate AFC with AMF and for the said 338,117 new shares of AMF is fair and reasonable to AMF and to the existing shareholders of AMF.As of December 22, 2020, Central Bank of Sri Lanka approved the transaction. As of December 30, 2020, based on the approval granted by the Monetary Board of the Central Bank of Sri Lanka in 2014, Associated Motor Finance Company PLC will proceed with merger. An Extraordinary General Meeting will be held on March 22, 2021, for the purpose of passing the requisite Special Resolutions for the proposed amendment to the Articles of Association. The transaction is approved by the shareholders of Associated Motor Finance Company PLC. Transaction is expected to complete by March 31, 2020. Ernst and Young Transaction Advisory Services (Pvt) Ltd acted as financial advisor to Associated Motor Finance in transaction.
Associated Motor Finance Company PLC (COSE:AMF.N0000) completed the acquisition of remaining 5.98% stake in Arpico Finance Company PLC from a group of shareholders on April 1, 2021. Arpico Finance Company PLC with effect from April 1, 2021, amalgamated with Arpico Finance Company PLC, subsidiary of Associated Motor Finance Company PLC. From April 1, 2021 onwards, Arpico Finance Company PLC ceased to exist, and Associated Motor Finance Company PLC continues as the remaining entity.