Hewawasamge Ravindranath Srilal Wijeratne offered to acquire remaining 35.56% stake in SMB Leasing PLC (COSE:SEMB.N0000) for approximately LKR 810 million on July 14, 2021. Under the terms, Offeror will acquire 2,301,080,342 Ordinary Shares of SMB Leasing at LKR 0.35 per share. Pan Asia bank confirmed that buyer has adequate funds. Pre transaction, Offeror holds 64.44% stake in SMB Leasing. Offeror has long term plans continue business operations of SMB Leasing as a going concern. The Offeror does not intend to implement any major changes to the business. Transaction is unconditional to the acceptance. The Board of SMB Leasing is of the view that the offer is fair and reasonable. Holders of 1,305,659,975 ordinary voting shares have communicated to the offeror, that they will not be accepting the offer. Closing date is set to August 25, 2021. As of August 25, 2021, the new closing date of offer is extended from August 25, 2021, to September 1, 2021. As of August 30, 2021, the new closing date of offer is extended from September 1, 2021 to September 3, 2021. Ray Abeywardena of Acuity Partners (Private) Limited acted as financial advisor to the board of SMB Leasing. P W Corporate Secretarial (Pvt) Ltd acted as manager and registrar of the offer.