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The Ishara Nanayakkara family on Monday took over the controlling equity stake of Lanka Orix Leasing Company bringing its equity stake in the company up to 49 percent.

This follows the family purchasing a 23 percent stake in Sri Lanka's first leasing company amounting to 11,672,000 shares at the rate of Rs. 52 amounting to over Rs. 572 million . The family earlier had a twenty-six percent stake in the company.

The three members of the family which purchased the controlling shares of the company are father Ishara Nanayakkara (Snr) and son Ishara Nanayakkara (Jnr) with daughter Kalsha Amerasinghe, wife of Milennium Technogies Director Dr. Anush Amerasinghe.

The combination of LOLC owned by Ishara Traders Directors will work in perfect harmony so that we can accumulate the synergies of both companies where one leases vehicles and the other is the importer, Ishara Nanayakkara (Snr) told the Daily News yesterday.

The acquisition of the 23 percent to take over the company has been approved by ORIX of Japan as they had the confidence in us, he said. The ORIX Group of Japan has 30 percent of the LOLC shares.

The take over of the company should enhance shareholder value Chairman C.P. De Silva said

The new Board of Directors of Lanka Orix Leasing Ltd comprises: C.P. De Silva ( Chairman), M.D.D. Peiris ( Deputy Chairman), I.C. Nanayakkara ( Vice Chairman), V.R. De Silva ( Managing Director), M.T. L. Fernando, S.S. Jayawickrema, R. A. Fernando, K.U. Amerasinghe, T.H.M Wickremasinghe, Y. Miyachi and Y. Ono. RL

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