Commercial Credit and Finance PLC (COSE:COCR-N-0000) agreed to acquire remaining 1.65% stake in Trade Finance & Investments PLC (COSE:TFIL-N-0000) for LKR 26.3 million on November 3, 2014. Commercial Credit and Finance will acquire 0.94 million shares for LKR 28 per share. The consideration will be paid subsequent to the expiration of one month period on December 4, 2014.

An application has been made to the SEC for an off market transfer of shares acquired by way of exercise of Section 246 of the Companies Act 2007 by Commercial Credit and Finance PLC to acquire the remaining shares amounting to 1.65% of the issued share capital held by shareholders of Trade Finance & Investment PLC. Pending approval of the off market transfer by the SEC, a legal opinion has been obtained by Commercial Credit and Finance PLC and Trade Finance & investments PLC, regarding the status of the ownership shares. According to the legal opinion obtained, the ownership of the shares is deemed to have been transferred to CCL. As on January 20, 2016, SEC has directed TFI to follow a process which would enable the shareholders who have already accepted the money for their shares and also those who have not responded in terms of that process to be given another opportunity to decide whether they should give up their shares in return for the payment which was offered by the TFI.

Commercial Credit and Finance PLC (COSE:COCR-N-0000) completed the acquisition of remaining 1.65% stake in Trade Finance & Investments PLC (COSE:TFIL-N-0000) on February 12, 2015.