People's Leasing & Finance PLC (COSE:PLC.N0000) agreed to acquire a 33% stake in First Capital Holdings PLC (COSE:CFVF.N0000) from Janashakthi PLC for LKR 5 billion on June 8, 2023. Under the terms, 133.65 million shares will be acquired at a price of LKR 37.10 per share in cash. Transaction is subject to approval from Central Bank of Sri Lanka and any or other regulatory authorities. If the transaction is not sanctioned, People's Leasing will be obliged to make a mandaroy offer to the remaining shareholders of First Capital Holdings PLC.

People's Leasing & Finance PLC (COSE:PLC.N0000) cancelled the acquisition of 33% stake in First Capital Holdings PLC (COSE:CFVF.N0000) from Janashakthi PLC on September 4, 2023. The timelines for completion of the transaction lapsed on July 23, 2023, since the necessary regulatory approvals were not received by that date. Moreover, the parties have not been able to agree on the extension of the timelines.