Senkadagala Finance buys Newest Capital for Rs. 300 m

Friday, 29 August 2014 00:51 - - {{hitsCtrl.values.hits}}

Senkadagala Finance Plc yesterday announced plans to buy a 100% stake in Newest Capital Ltd., a 2013-licensed finance company, for Rs. 300 million. The company said it has entered into a Share Purchase Agreement with Newest Capital Ltd. on 25 August to acquire 100% of the fully-paid issued share capital of the latter and with effect from that date, Newest Capital is a fully-owned subsidiary. “This transaction complies with the Master Plan of Consolidation of the financial sector 2014 initiated by the Central Bank and has their approval,” Senkadagala Finance Plc said in a filing to the CSE. Analysts said Newest Capital since obtaining the license has a land and building in Colombo 8 as an asset.

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