MBSL updates amalgamation with MSB

Thursday, 21 November 2013 00:07 - - {{hitsCtrl.values.hits}}

Merchant Bank of Sri Lanka (MBSL) has announced that the Board of Directors of MBSL and MBSL Savings Bank Ltd (MSB) have formally resolved to amalgamate MSB with MBSL (Subject to approval). MBSL shall be the surviving entity upon the completion of such amalgamation. The amalgamation shall effect as at the date on which the Central Bank of Sri Lanka (CBSL) grants MBSL the Licensed Specialised Bank status or such other later date as may be approved by the Registrar General of Companies. The minority shareholders of MSB shall be offered ordinary voting shares in the amalgamated company [MBSL(N)]in the following manner, as consideration for the proposed amalgamation: a) 01 ordinary voting share in MBSL(N) for every 17.80 ordinary voting shares held in MSB b) 01 ordinary voting share in MBSL(N) for every 25.42 ordinary non voting shares held in MSB Accordingly, MBSL(N) shall issue a maximum of 5.5mn ordinary shares to the minority shareholders of MSB and that the said shares shall rank equal and pari passu in all aspects with the existing ordinary voting shares issued by MBSL.

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