Commercial Credit and Finance PLC (COSE:COCR.N0000) agreed to acquire remaining 0.35% stake in Trade Finance & Investments PLC (COSE:TFIL.N0000) from a group of shareholders for LKR 11.9 million on January 21, 2020. Commercial Credit and Finance PLC will pay LKR 60 for each share in cash. Prior to the transaction, Commercial Credit and Finance PLC holds 99.65% stake in Trade Finance & Investments PLC and upon the amalgamation such shares will get cancelled. After the transaction, Commercial Credit and Finance PLC will be the surviving amalgamated entity. The new entity consequent to the amalgamation will continue to be named as Commercial Credit and Finance PLC.

D. Soosaipillai, R.S. Egodage, P.S.R.C. Chitty, G.R. Egodage, K. Vander Weele, P. Fisher, B.B Zschorsch, L.L.S. Wickremasinghe and T.M.L Paktsun will be on the Board of the amalgamated entity. The registered office of the amalgamated company shall be the current registered office of Commercial Credit and Finance PLC i.e. 106 Yatinuwara Veediya, Kandy. The transaction is subject to relevant corporate approvals and approval of shareholders of Commercial Credit and Finance PLC and Trade Finance & Investments PLC. Central Bank of Sri Lanka approved the transaction on January 21, 2020. The Board of Directors of Commercial Credit and Finance PLC and Trade Finance & Investments PLC approved the transaction on September 23, 2020. As on November 9, 2020, the transaction was approved by the shareholders of Trade Finance & Investments PLC. The Amalgamation will take effect on December 31, 2020 or such other date as may be determined by the registrar of companies. Nithya Partners acted as the legal advisor to Commercial Credit and Finance PLC and Trade Finance & Investments PLC.

Commercial Credit and Finance PLC (COSE:COCR.N0000) completed the acquisition of remaining 0.35% stake in Trade Finance & Investments PLC (COSE:TFIL.N0000) from a group of shareholders on February 16, 2021. As a part of transaction, Trade Finance & Investments PLC amalgamated with Commercial Credit and Finance PLC and shares of Trade Finance & Investments PLC will be delisted from official list of Colombo Stock Exchange.