Group Lease Holdings Pte Ltd acquired a 29.99% stake in Commercial Credit And Finance Plc for $71.31 million, reflecting confidence in Sri Lanka's recovering financial services market.
Target Information
Group Lease Holdings Pte Ltd, a subsidiary of Thailand’s Group Lease Plc, has made a strategic investment by acquiring 95.4 million shares, representing 29.99 percent ownership, in Commercial Credit And Finance Plc. The deal amounts to a total valuation of 10.59 billion rupees, equivalent to approximately $71.31 million. This acquisition marks a significant positioning for Group Lease Holdings in the financial services sector of Sri Lanka.
Industry Overview
The financial services industry in Sri Lanka is poised for growth, despite facing a range of challenges. Following a period of economic turmoil, the sector is experiencing a gradual recovery as investor confidence begins to return. In recent times, foreign investments have picked up, with foreign investors purchasing a net 11.7 billion rupees, stimulating market activity after a series of years marked by net outflows.
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Moreover, the Colombo Stock Exchange has shown resilience with a turnover of 12 billion rupees, the highest recorded since March 2012, suggesting increased trading activity and renewed
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Disclosed details
Transaction Size: $71M