Senkadagala Finance acquires Newest Capital for Rs. 300 m
Tuesday, 9 September 2014 01:13
Under the Financial Sector Consolidation Scheme of the Central Bank of Sri Lanka, Senkadagala Finance PLC, a registered finance company, has been given approval to buy over Newest Capital Limited, a specialized leasing company.
Accordingly, Senkadagala Finance entered into a Share Purchase Agreement recently with the shareholders of Newest Capital Limited to acquire 100% of its Fully Paid Issued Capital for a consideration of Rs. 300Mn.
In terms of the conditions of the transaction, with the signing of the Share Purchase Agreement Newest Capital becomes a fully owned subsidiary of Senkadagala Finance and once the transition of affairs are completed Newest Capital Limited will be fully absorbed by Senkadagala Finance as directed by the Central Bank of Sri Lanka.