Deshodaya Development Finance Company Limited, a subsidiary of the Sarvodaya Movement which entered into a recent agreement to buy the controlling stake of George Steuart Finance Limited purchased 70.25 percent of this controlling stake today for nearly Rs. 350 million under the Consolidation of Financial Institutions Programme of the Central Bank of Sri Lanka.

Deshodaya Development Finance Company Limited has bought 15.8 million ordinary voting shares of George Steuart Finance Limited at Rs. 22.20 each.

According to the agreement reached between these two companies, Deshodaya Development Finance Company Limited bought the controlling shares of George Steuart Finance Limited from George Steuart & Company which is the major shareholder and Capital Trust Holdings Limited with the approval of the Central Bank of Sri Lanka.