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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Shareholder nod for DFCC Vardhana Bank, DFCC Bank amalgamation

Shareholder nod for DFCC Vardhana Bank, DFCC Bank amalgamation

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Shareholders of DFCC Vardhana Bank and DFCC Bank have approved the proposed amalgamation of the two banks at an extraordinary general meeting held Friday, a stock market disclosure said.
The surviving amalgamated entity, DFCC Bank will be subjected to the approval of the Central Bank. The amalgamation will be effective on October 1, 2015.
A payment of Rs 52 for every one ordinary voting share held in DFCC Vardhana Bank to the shareholders of Vardhana Bank other than DFCC will be made in lieu of their shareholding in Vardhana Bank as at the date of the amalgamation.
The EGM of the DFCC Bank also approved the adoption of new articles of association that will be come into effect on October 1,2015.
An extract of the special resolution passed by the shareholders of the DFCC Vardhana Bank Plc said: “It is hereby resolved that DFCC Vardhana Bank Plc (DVB) be amalgamated with DFCC Bank Plc (DFCC) in terms of Section 239 of the Companies Act No 7 of 2007.
The surviving amalgamated entity shall be DFCC Bank Plc subject to the approval of the Central Bank of Sri Lanka and that the said amalgamation be effective on October 1, 2015 or such other date as may be specified in the certificate issued by the Registrar General of Companies in that regard and that the amalgamation proposal dated July 9, 2015 which has been duly circulated to the shareholders be and are hereby approved and that in terms there of a payment of Rs. 52 for every one ordinary voting share held in DVB to the shareholders of DVB (other than DFCC) be made in lieu of their shareholding in DVB as at the date of the amalgamation.
Courtesy: Daily News 31 August 2015

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