Citizens Development Business Finance to initiate amalgamation process

Citizens Development Business Finance PLC in a disclosure to the Colombo Stock Exchange under section 8 of the listing rules informed that the Central Bank of Sri Lanka (CBSL) requires the company to amalgamate Unisons with the Company to comply with the regulatory requirements.

The Company shareholding in Capital Leasing Limited and Fortune Properties Limited is 90.38% and 99.98% respectively.

Accordingly the Board of Directors of the Company have resolved on April 8, 2019 to initiate the process for such amalgamation after obtaining independent professional advice with regard to the methodology to be adopted together with approval of relevant statutory and regulatory requirements in order to enable the same.

Subsequent to the amalgamation Citizens Development Business Finance PLC will be the surviving entity.

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