Associated Motor Finance gets 71% of Arpico Finance
Tuesday, 7 October 2014 01:52
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Associated Motor Finance Company Plc has increased its stake in Arpico Finance Plc to 71%.
This is following Alliance Finance Plc selling 19.53% (1.45 million shares) and related party Dawi Investment Trust Ltd., selling 10% (0.75 million shares) stake at Rs. 166 per share, the same price at which a mandatory offer is on.
AMF triggered the SEC Takeovers Code when it acquired a 40% stake in Arpico Finance from Alliance Finance-related party Alfinco Insurance Brokers Ltd. for Rs. 501 million. The acquisition was part of the Central Bank-initiated financial sector consolidation.
Other major shareholder of Aprico Finance is Dhammika Perera who holds 4%. The company’s public holding is 39% and has 800 shareholders. It has 585 shareholders owning between one and 1,000 shares with a collective stake of 1.58% and a further 173 shareholders holding 1,000 and 10,000 shares with a combined stake of 6.73%.
The net asset per share of Arpico is Rs. 91.41 as at 30 June 2014, down from Rs. 129.73 end FY14.
