Dialog acquires 80% stake in Colombo Trust Finance for LKR 1 bln

Wednesday 13 September 2017 | 17:52 CET | News

Dialog, a subsidiary of Axiata Group, has acquired 37.3 million ordinary shares of Colombo Trust Finance (CTF) from Cargills Bank. The acquisition was made by way of stock trade crossing on the Colombo Stock Exchange (CSE). These shares represent 80.34 percent of the voting rights in CTF and was acquired at a price of LKR 28.70 per share totaling more than LKR 1 billion (approximately MYR 29.4 million).

Via the CTF acquisition, Dialog plans to expand the scope of operations of Dialog Group into the sphere of mainstream Digital Financial Services. Dialog aims to bring together advanced digital connectivity and financial technology (FinTech) to deliver a suite of financial products and services.

Dialog reports that the CTF acquisition was funded through internal and external funding. The Acquisition of CTF will not have any impact on the issued and paid up share capital of Axiata and will not have any material impact on the earnings, gearing and net assets of the Axiata Group for the financial year ending 31 December 2017, Axiata also said.

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