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11 August, 2014 08:28 AM Source: Financial Times - Sri Lanka
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Janashakthi Ltd. has entered into an agreement to acquire 86.79% of Bartleet Finance Plc (BFP) and plans to amalgamate the latter with Orient Finance Plc.
The move is in compliance with the financial sector consolidation program of the Central Bank.
The planned acquisition is subject Janashakthi obtaining all relevant statutory and regulatory approval and Janashakthi Ltd. carrying out due diligence of BFP and being satisfied with the financials submitted.
Orient Finance Plc said the Central Bank by its letter of 7 August 2014 has approved in principle the planned acquisition by Janashakthi Ltd., the ultimate parent of Orient Finance Plc, on behalf of OFP and the subsequent amalgamation of BFP with OFP. Janashakthi Ltd. also holds a 67.85% stake in Janashakthi Insurance Plc.
Net asset per share was Rs. 81.81 as at 31.3.2014 up from Rs. 76.43 in FY13. BFP’s highest share price in the FY14 was Rs. 98.15 and lowest was Rs. 83.78 before closing at Rs. 98.15, up from Rs. 79.75 in the previous year.
Bartleet Group, whose origins date back to 1904 and became a 100% Sri Lankan-owned entity under Mallory Wijesinghe in 1958, holds a 86.79% stake in BFP via Bartleet Trans Capital Ltd.
Bartleet Group financial services sector business also includes a 50% stake in stock-broking firm Bartleet Religare Securities Ltd. and Bartleet Asset Management Ltd., as well as a 100% stake in Strategic Insurance Brokers Ltd. and 19.5% in Life Insurance Corporation (Lanka) Ltd.
Apart from Bartleet Trans Capital, there are a host of individual shareholders and a few institutional shareholders in BFP.

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