George Steuart Finance Plc has been renamed as Summit Finance Plc by its new owners.
The company has obtained the certificate for the change of name from the Registrar of Companies.
Sarvodaya Development Finance Ltd. owns a 75.5% stake in the company.
In September 2014 Deshodaya Development Finance Company Ltd. acquired a total of 15,806,250 ordinary voting shares at a price of Rs. 22.20 per share representing 70.25% of the issued share capital of George Steuart Finance PLC in line with the master plan on consolidation of the financial sector of the Central Bank. Subsequent to the mandatory offer the stake was increased to 75.5%.
Summit Finance Plc’s Board of Directors comprises Eastman Narangoda – Chairman/Non-Independent Non-Executive Director, Dr. Vinya S. Ariyarathne – Non-Independent Non-Executive Director, G. Channa Ajith De Silva – Executive Director, B.S.C.P. Goonaratne – Non-Independent Non-Executive Director, Prof. Hettige Don Karunaratne – Independent Non-Executive Director and K.I. Rasika Jayathilake – Independent Non-Executive Director.