Tue, 29 Nov 2022 Today's Paper

People’s Merchant Finance sells prime property to parent for Rs.1bn

25 May 2017 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

People’s Merchant Finance PLC (PMF), a unit of state-owned People’s Bank, has sold a 108 perch property it owned in Nawam Mawatha, Colombo 2, to its parent for a consideration of Rs.1.04 billion with the approval of the Central Bank. 
PMF said it would utilize the funds to settle the outstanding facilities of People’s Bank as well as to strengthen its core capital in order to comply with the regulatory core capital requirements. 
“Further, the excess money may be utilized for the future expansion of PMF. It may increase the net interest income and profitability of PMF accordingly,” the company said in a stock exchange filing.
The Related Party Transaction Review Committee of PMF is of the view that the transaction is on normal commercial terms and is not prejudicial to the interests of PMF and its minority shareholders.

As a result, the committee is not obtaining an opinion from an independent expert but two independent valuations have been obtained in relation to the value of the property, including a government valuation prior to proceeding with the transaction. 
People’s Bank and its subsidiary People’s Leasing and Finance PLC hold over 87 percent of the issued shares of PMF.

 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

POLICE ON TRIAL: Exercising Authority without Accountability

Although armed with the power of the State and empowered to use force against

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new