Silvereen Finance Company Limited acquired by PEOPLE`S MERCHANT BANK PLC

PEOPLE`S MERCHANT BANK PLC entered in to finance Company operations.

ACQUISITION OF OPERATIONS OF "ABC CREDIT CARD COMPANY LTD" AND "SILVEREEN FINANCE COMPANY LTD."
13 March 2009

The Company has informed CSE that for the acquisition of ABC Credit Card Company Ltd, People's Merchant Bank PLC (PMB) has created a new Company by the name of "PMB Credit Card Co.Ltd."

The consideration for the acquisition amounted to Rs.785mn. The total credit card operations, selective and quantified assets and liabilities of "ABC Credit Card Company Ltd," were taken over by the new Company. the details of which are given below:

Liabilities - Rs.mn
Public borrowings - 700
Bank liabilities- 23
Other liabilities- 62
Total- 785

Assets- Rs.mn
Land and buildings- 420
Credit Card balance receivables- 100
Silvereen Finance Co. Ltd- 210
Other assets- 55
Total - 785

As per the agreements signed, 44% of the shares of Silvereen Finance Company Ltd, has been transferred to PMB. The remaining shareholders have agreed to transfer the balance 56% also to PMB, with this acquisition. PMB expects to enter into finance Company operations.

Welcome to silvereen Blog

Welcome to Silvereen Micro Credit Company's blog.
SMCC has started at October 2008.
Since now the company has achieved many successes.

Contact:
Silvereen Micro Credit Company Pvt Ltd.
Kotugodall Street
Kandy
Srilanka.
0772249811