The shareholders of DFCC Bank PLC and DFCC Vardhana Bank PLC have approved a special resolution to merge the operations of the two entities at an Extraordinary General Meeting held on August 28.
Following the amalgamation, the surviving entity would be DFCC Bank PLC, subjected to the approval of the Central Bank.
The said amalgamation would be effective on October 1, 2015.
An extract of the special resolution passed by the shareholders of DFCC Bank PLC at the EGM read “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 whereby 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 1 October 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 9 July 2015 which has been duly circulated to the shareholder be and are hereby approved and that in terms thereof 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.”
