People's Leasing acquires Seylan Merchant Leasing
People's Leasing percent Company Limited, has acquired 84.5 percent
stake in Seylan Merchant Leasing PLC. This move, which has the fullest
co-operation and support of the Central Bank, now brings SMLL under the
ownership of People's Leasing and has served to reinstate confidence
among stakeholders and the financial services industry within the
With the acquisition of SMLL, a registered finance company, People's
Leasing now has three subsidiaries including People's Leasing Fleet
Management Limited and People's Leasing Property Development Limited.
People's Leasing selected SMLL after a thorough analysis from a list
of companies offered for consideration and according to a People's
Leasing spokesman, SMLL's listing on the Colombo Stock Exchange proved
to be one of the more advantageous factors for selection.
The listing will infuse substantial benefits for the People's Leasing
Group and be an positive avenue for prospective investors looking to
invest in a sound and secure group of companies. Financial Due Diligence
was conducted by Ernst and Young, while F J and G De Saram, performed
the legal groundwork. NDB Investment Bank performed the valuation and
the expertise of Deutsche Bank AG Colombo was brought in as Escrow
The newly appointed Board of Directors at SMLL comprise Chairman of
People's Bank W. Karunajeewa, Directors of People's Bank D.J.D. Jayakody
and A.P. Weerasinge, CEO/GM of People's Bank P.V. Pathirana and CEO/GM
of People's Leasing D.P. Kumarage.