We will delist soon & amalgamation with Richard Pieris Arpico Finance Ltd, the Chilaw Finance PLC official said.
Last August, Richard Pieris Group has bought 51% control of Chilaw Finance PLC, via subsidiary Richard Pieris Arpico Finance Ltd., as part of the Central Bank-initiated financial sector consolidation. Price paid was around Rs. 25.50 per share.
Chilaw Finance PLC Net Asset Per share is Rs. 15.43. Chilaw Finance is a relatively small finance company with assets worth Rs. 1.3 billion and liabilities of Rs. 796 million.
Richard Pieris Arpico Finance recently reached the milestone of Rs. 1 billion in deposits and said it is planning at least five branches within the next four to five months with the first one in Matara.
Courtesy: Ceylon Financial 17 July 2015