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 country.

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 Agent.

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.