Senkadagala Finance buys Newest Capital for Rs. 300 m
Friday, 29 August 2014 00:51
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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.
