Sinhaputhra and Nation Lanka in merger talks

Sinhaputhra Finance PLC and National Lanka Finance PLC have sought an amalgamation of business subject to valuations and approval from Central Bank’s Monetary Board.

“The Board of Directors of Nation Lanka Finance PLC and Sinhaputhra Finance PLC wish to announce that they have executed a Term Sheet agreeing to seek an amalgamation of Nation Lanka Finance PLC into Sinhaputhra Finance PLC.

The proposed amalgamation shall be subject to valuations which have been commissioned on the two entities and the receipt of approval from the Monetary Board of Sri Lanka thereafter,” a stock exchange filing said.

It further said the director boards of the two finance firms are of the view that the proposed amalgamation will result in the companies meeting their core capital requirements that have been managed by the Monetary Board.