EGM approves DFCC Vardhana Bank amalgamation with DFCC

DFCC Vardhana Bank Plc yesterday informed the Colombo Stock Exchange (CSE) that they had approved the resolution as well as the proposed amalgamation of DFCC Bank Plc and DFCC Vardhana Bank Plc at the Extraordinary General Meeting (EGM) held yesterday at the bank’s head office.

An extract of the special resolution passed by the shareholders of the DFCC Vardhana Bank Plc said: “It is hereby resolved that DFCC Vardhana Bank Plc (DVB) be amalgamated with DFCC Bank Plc (DFCC) in terms of Section 239 of the Companies Act No 7 of 2007 whereby the surviving amalgamated entity shall be DFCC Bank Plc subject to the approval of the Central Bank of Sri Lanka and that the said amalgamation be effective on 1 October 2015 or such other date as may be specified in the certificate issued by the Registrar General of Companies in that regard and that the amalgamation proposal dated 9 July 2015 which has been duly circulated to the shareholders be and are hereby approved and that in terms thereof a payment of Rs. 52 for every one ordinary voting share held in DVB to the shareholders of DVB (other than DFCC) be made in lieu of their shareholding in DVB as at the date of the amalgamation.”