Thursday, 5 February 2015 00:00
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Janashakthi Ltd. has acquired a 99.78% stake in Bartleet Finance Plc for Rs. 984 million, thereby further consolidating the former’s position in the financial services industry.
The acquisition has been in two stages whilst it was approved in principle by the Monetary Board in August last year.
Janashakthi Ltd. said on 22 January acquired 86.79% stake in Bartleet Finance Plc for Rs. 874.8 million or around Rs. 131 per share.
The stake amounting to 6,639,998 shares was bought from Bartleet Transcapital Ltd. (BTCL).
At the time of the acquisition, Janashakthi Ltd., already held 0.9 million shares accounting for a 13% stake. This was bought between 2 and 10 January at a total price of Rs. 109.3 million.
With these acquisitions, Janashakthi now holds 7.633 million shares or 99.78% stake as of 22 January and Bartleet Finance will be a subsidiary.
Janashakthi holds a 67.8% stake in Janashakthi Insurance. Soon after the August 2014 announcement, two nominees of Janashakthi – Prakash Schaffter and Ramesh Schaffter – joined the Bartleet Finance Board.
Net assets per share of Barteet Finance is Rs. 83.69. Its highest market price per share in the September quarter was Rs. 100.92 and the lowest was Rs. 83.78.
As at September 2014, Bartleet Finance had Rs. 7.7 billion worth of assets of Rs. 5.45 billion were loans and advances to customers. Liabilities amounted to Rs. 7 billion including Rs. 6.37 billion as customer deposits.
Assets as at 31 March 2014 were Rs. 7.9 billion and liabilities were Rs. 7.3 billion.
Its total shareholders’ funds amounted to Rs. 640 million.
In the six months ended 30 September 2014, Bartleet Finance income grew by 16% to Rs. 895 million and in the second quarter it rose by 40% to Rs. 538 million.
After-tax profit for six months was Rs. 39 million, as against Rs. 12 million a year earlier. In the second quarter the bottom line amounted to Rs. 36.4 million, up from Rs. 5.4 million a year earlier.
