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Japan's ORIX sells stake in Sri Lanka leasing company

Japanese financial services company ORIX Corp. sold its 30% stake in Lanka Orix Leasing Co. Plc to the leasing company's deputy chairman, I.C. Nanayakkara, for 12.82 billion Sri Lankan rupees.

Nanayakkara, through LOLC Holdings (Pvt.) Ltd., acquired 142,458,490 shares in Lanka Orix Leasing at 90 rupees apiece, bringing his stake to 78.88%.

Following the transaction, ORIX has ceased to be a shareholder of Lanka Orix Leasing, according to March 28 release.

As of March 28, US$1 was equivalent to 155.68 Sri Lankan rupees.