Orient Finance PLC and Bartleet Finance PLC said yesterday that they were awaiting Securities and Exchange Commission (SEC) approval to carry out the proposed amalgamation of the two entities.
They said they have received Central Bank approval to amalgamate their businesses and operate as a single entity from this April.
Both Orient Finance and Bartleet Finance are subsidiaries of Janashakthi PLC.
According to the two companies, once SEC approval is granted, they will seek shareholder approval for the amalgamation in line with the provisions in the Companies Act.
Bartleet Finance PLC will be the surviving entity after the amalgamation.