Dialog Axiata PLC, Sri Lanka's premier connectivity provider announced today (12) that it had successfully completed the acquisition of an 80.34% stake in Colombo Trust Finance PLC (CTF) from Cargills Bank Limited at a price of LKR 28.70 per share. Colombo Trust Finance PLC is a finance company licensed by the Central Bank of Sri Lanka operating under the Finance Business Act No. 42 of 2011.

The transaction which was approved by the Monetary Board of the Central Bank of Sri Lanka was completed via a crossing on the Colombo Stock Exchange on 12 September 2017 at a transaction value of LKR 1072 Million. In accordance with the Takeovers and Mergers Code of Securities and Exchange Commission, Dialog will proceed to announce a mandatory offer to the remaining shareholders of Colombo Trust Finance PLC.

Dialog Axiata entered the sphere of Financials services in 2012 when it was licensed by the Central Bank of Sri Lanka to operate the country’s first Mobile Payment Service ez Cash. Now in its 5th Year of Operation, ez Cash has over the years secured over 2.8 Million Mobile Payment subscribers from across Etisalat, Hutch and Dialog Mobile Networks.

In 2015, ez Cash won the GSM World Award for the best Mobile Payment Network Globally in recognition of being the World’s first end to end Inter-operable mobile payments network. More recently, Brand Finance named ez Cash as Sri Lanka’s highest valued e-commerce brand. Dialog also operates the TOUCH contactless transport payment service under license by the Central Bank of Sri Lanka.

Dialog’s latest acquisition CTF, will be operated alongside the Digital Services Portfolio of the Dialog Group. Other digital ventures of the Dialog Group include Sri Lanka’s leading e-commerce portal WoW.Ik operated by Digital Commerce Lanka, Doc.lk operated by Digital Health (Pvt.) Ltd., and the country’s leading digital education service Guru.lk operated by Headstart Pvt Ltd.

Supun Weerasinghe, Director/Group Chief Executive – Dialog Axiata PLC said, “Dialog envisages that its foray into financial services would help accelerate Sri Lanka’s drive towards adoption of Digital Financial Services by encouraging digital savings and increase access to financial services for all segments of society. Dialog would also leverage this acquisition to drive down the entry barriers for adoption of smart technology and devices through inclusive financing solutions.”

NDB Investment Bank acted as Financial Advisors to the acquisition, whilst Mls FJ & G de Saram acted as Legal Advisors to the transaction.