Janashakthi Board approves amalgamation with Dunamis Capital

Wednesday, 2 October 2019 00:00 - - {{hitsCtrl.values.hits}}

The Board of Janashakthi Plc has approved amalgamation with its subsidiary Dunamis Capital Plc.

The amalgamation will take place on the basis that shares of Dunamis Capital held by Janashakthi shall be cancelled without payment or other consideration and persons other than Janashakthi shall be cancelled upon the transfer of Rs. 48.30 per share due to each holder of such shares to a trust. The trust will be tasked with the administration of the payment of the consideration of such shareholders. Each shareholder of Dunamis Capital other than its parent will receive Rs. 48.30 per share subject to shareholder approval.

Dunamis Capital will cease to exist and Janashakthi Plc will be the surviving entity. Dunamis owns control of First Capital Holdings Plc and Kelsey Developments Plc.

Janashakthi owns 98.08% stake in Dunamis which has around 1,900 shareholders with a public float of 1.92%