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Wednesday, February 22, 2012

Softlogic Capital to buy Arrenga Capital for Rs. 200 m

Softlogic Capital Ltd., (SFL) has entered in to an agreement to purchase the share capital of Arrenga Capital Pvt. Ltd. for Rs.200 million.

This share sale and purchase agreement was for eight million shares, the entirety of its share capital of Arrenga Capital, which is owned by a group of individual investors.

The agreement is subject to a due dilligence being carried out by Softlogic and approval from the Securities and Exchange Commission and Colombo Stock Exchange. The agreement is subject to all fillings and licenses required to carry on the business of the company being valid, a CSE filling by SFL said.

Softlogic Capital saw its stock price gain by 20% yesterday to close at Rs. 19.90 with 0.3 million shares traded.

Softlogic Capital saw group revenue in the six months to September 2011 increase 108% to Rs. 712.6 million as profit after tax grew 4.5 times to Rs. 219 million.

source - www.ft.lk