Softlogic Capital PLC (COSE:SCAP.N0000) agreed to acquire 49.67% stake in Abans Finance PLC (COSE : AFSL.N0000) from Abans Private Limited for approximately LKR 1 billion on September 29, 2020. Under the terms, 33.1 million shares will be acquired at a price of LKR 30.1 per share. As a part of the transaction, Softlogic Capital will make a mandatory offer to minority shareholders of Abans Finance subsequent to the transaction.

Immediately post the completion of the offer, Softlogic will initiate a process for amalgamation of Abans Finance into Softlogic with Softlogic being the surviving entity. The transaction is subject to all necessary shareholders approval and regulatory approvals including the Central Bank of Sri Lanka. The transaction has been approved by the Board of both Softlogic and Abans.