Richard Peiris Arpico Finance Company under scientist and engineer Dr. Sena Yaddehige led Richard Peiris Group entered into a memorandum of understanding to acquire 51 percent stake of Chilaw Finance PLC.

While this agreement has been entered into under the financial institutions consolidation programme of the Central Bank of Sri Lanka, Richard Peiris Arpico Finance Company under the Richard Peiris Group has already undertaken study of the legal and financial situation of Chilaw Finance PLC.

The prices for the purchase would be decided after the completion of these studies.

The diversified Richard Peiris Group is an entity involved in retail trade, plantations, tyres, furniture, plastics, rubber, vehicle sales.