Softlogic Finance-Abans Finance deal off

Plans to amalgamate Softlogic Finance PLC and Abans Finance PLC have been shelved. 

Softlogic Capital PLC, in September last year, said it planned to acquire a 49.67% stake in Abans Finance, followed by a mandatory offer and subsequently amalgamate Abans Finance into Softlogic Finance, with the latter being the surviving entity.

The move was in accordance with the financial sector consolidation plan initiated by the Central Bank. It was also subject to receipt of all regulatory approvals.

Softlogic Capital and Softlogic Finance, via separate disclosures to the CSE, said the proposed acquisition was no longer being pursued.