Asia Asset Finance PLC will convert 41,398,511 convertible irredeemable five-year preference shares into 53,348,596 ordinary voting shares on 10 August, upon the completion of the five-year term from 11 August 2021, the company announced.
The company said the conversion will be carried out at the previously announced conversion price of Rs. 7.76 per ordinary share. Letters will be sent to holders of the preference shares confirming the number of ordinary voting shares deemed converted in their names.
The company said the last date for trading in the preference shares will be 6 August, with trading to be suspended from 7 August.
The 53,348,596 new ordinary voting shares are scheduled to be listed on the Colombo Stock Exchange on 16 September, with trading in the deemed converted ordinary voting shares to commence on the same date.
The preference shares opened Monday Rs. 4.90 up at Rs.66.90 each while the ordinary share was up 20 cents at Rs. 52.40.
As of 30 June, 2026 Asia Asset Finance parent company Muthoot Finance Ltd., held 95.87% of the preference shares followed by J.B. Cocoshell Ltd., at 3.3%. Muthoot Finance held a 72.92% stake in ordinary shares, followed by J.B. Cocoshell Lt., at 5.55%, C. Dissanayake 2.26% and H.S. Dissanayake 1.28%.