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HNB Finance acquired 87.27% of Prime Finance PLC. This triggered the Company takeovers & mergers code. HNBF is offering to buy at 20.10 per share from the remaining shareholders.
However, it is mentioned in their announcement that HNBF plans to amalgamate with Prime Finance.
If HNBF & Prime finance amalgamates similarly to what CLC & SFL is doing, shareholders of Prime finance should get shares of HNBF.
It should be noted that Prime Finance has over Rs. 1 billion in real estate inventory (As at 30.09.2021) which would become part of HNBF after amalgamation.
It would be interesting to see the proportion to which the new shares will be distributed.
https://cdn.cse.lk/cmt/announcement_portal_prod/Announcement%20under%20the%20Companies%20Takeover%20and%20Mergers%20Code%201995%20(00000003)_20617385982459.pdf
However, it is mentioned in their announcement that HNBF plans to amalgamate with Prime Finance.
If HNBF & Prime finance amalgamates similarly to what CLC & SFL is doing, shareholders of Prime finance should get shares of HNBF.
It should be noted that Prime Finance has over Rs. 1 billion in real estate inventory (As at 30.09.2021) which would become part of HNBF after amalgamation.
It would be interesting to see the proportion to which the new shares will be distributed.
https://cdn.cse.lk/cmt/announcement_portal_prod/Announcement%20under%20the%20Companies%20Takeover%20and%20Mergers%20Code%201995%20(00000003)_20617385982459.pdf
