Senkadagala Finance acquires Newest Capital Ltd for Rs. 300 mln
View(s):Senkadagala Finance PLC, under the Financial Sector Consolidation Scheme of the Central Bank (CB) has been given approval to buy Newest Capital Ltd, a specialised leasing company, at purchase price of Rs 300 million.
“Accordingly, Senkadagala Finance entered into a Share Purchase Agreement recently with the shareholders of Newest Capital Ltd to acquire 100 per cent of its Fully Paid Issued Capital for a consideration of Rs. 300 million,” the finance company said in a media release.
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 will be fully absorbed by Senkadagala Finance as directed by the CB, it said
Lakshman Balasuriya – Managing Director / Chief Executive Officer of Senkadagala Finance and Janaka Ratnayake, Majority shareholder / Chairman of Newest Capital signed the agreement on behalf of the two parties in the presence of J.P.R. Karunaratne – Director and H.B. D Karunaratne – Additional Director, both from the CB’s Supervision of Non-Bank Financial Institutions Department