Country’s oldest company enters Bourse via subsidiary

Tuesday, 14 August 2012 09:32 -     - {{hitsCtrl.values.hits}}

Considered Sri Lanka’s oldest commercial establishment, George Steuart will enter the Colombo stock market by listing its finance industry subsidiary, a development which analysts described as momentous.

This is following the Colombo Stock Exchange (CSE) approving in principle an application submitted by George Steuart Finance Ltd for the listing of 22.5 million ordinary voting shares of the company on the Diri Savi Board of the CSE by way of an Introduction.

Having founded in 1835, the parent marks 177 years of its existence in the country this year and the listing of the subsidiary is spearheaded by its new controlling shareholder Dilith Jayaweera and new Board re-engineering growth prospects.

George Steuart & Company currently operates a highly diversified portfolio of twelve subsidiaries involved in a plethora of business activities, from tea to pharmaceuticals, to travel and recruitment, to telecommunications and education, real estate, insurance, advertising and financial services.