Merchant Bank of Sri Lanka PLC (COSE:MBSL-N-0000) completed the acquisition of remaining 59% stake in MCSL Financial Services Limited.
As of June 26, 2014, the Board of Directors of Merchant Bank of Sri Lanka and MCSL Financial Services has resolved the merger. As of August 27, 2014, extraordinary general meeting of Merchant Bank of Sri Lanka is scheduled to be held on October 13, 2014 to seek the necessary approvals of shareholders for the deal. The deal is also subject to the approval of Stock Exchange for in principle listing of shares and the approval of Central Authority of Srilanka. As of October 13, 2014 Shareholders of Merchant Bank of Sri Lanka PLC and MCSL Financial Services Limited approved the transaction. The deal is expected to close on first quarter of 2015.
Merchant Bank of Sri Lanka PLC (COSE:MBSL-N-0000) completed the acquisition of remaining 59% stake in MCSL Financial Services Limited on January 1, 2015.