It is reported that LB Finance PLC is preparing to acquire Multi Finance Company, which is listed on the Colombo Stock Exchange, and merge the company with its own company.
This was stated in a statement issued by the Central Bank of Sri Lanka today under the initial plan to expedite the consolidation of non-bank financial institutions.
According to the Central Bank, Multi Finance PLC is one of the six troubled finance companies identified by the Central Bank.
In response, the Central Bank said that LB Finance had given its initial consent to acquire and consolidate its operations, which was to be approved.
LB Finance PLC is owned by Dhammika Perera, a well-known businessman in the country. Multi Finance PLC is owned by Fairway Holdings (Pvt) Ltd.
( MFL: 52wk High 35, Top20 shareholders holds 97.5% of the company, No Sellers )