Due diligence on AMF starts

Wednesday, 19 March 2014 00:00 - - {{hitsCtrl.values.hits}}

The Associated Motor Finance Company (AMF) Board of Directors has approved a move to allow H.L.B. Edirisinghe & Company Charted Accountants to carry out a due diligence on the ompany for the purpose of the preparation of a valuation and information memorandum. This is following the request by the Central Bank by its letter dated 20 February for the purpose of financial sector consolidation 2014, after having entered into the non-disclosure agreement on 17 March with H.L.B. Edirisinghe & Company Chartered Accountants. Total assets of the company were Rs. 2.47 billion whilst liabilities were Rs. 1.7 billion. Shareholders’ funds amounted to Rs. 709 million. Major shareholders of AMF are Imperial Import and Exports Co Ltd. (43%) and J.P.I.N. Dayawansa (42.7%) and the family. Public holding is 9.92%.

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