Deshodaya Development Finance Limited, George Steuart & Company Limited and Capital Trust Holding Limited have signed a memorandum of understanding to acquire the majority shares of George Steuart Finance PLC.

In keeping with the Financial Sector Consolidation master plan of the Central Bank of Sri Lanka, Deshodaya Development Finance Limited has entered into a Memorandum of Understanding for the purchase the majority shareholding of George Steuart Finance PLC.

The Principal Shareholders of George Steuart Finance PLC, George Steuart & Company Limited and Capital Trust Holdings Limited will divest their shareholding for a company valuation of LKR 500 million for this transaction, which also has been endorsed by the Central Bank of Sri Lanka.

Deshodaya Development Finance Limited, who is a leading Micro Finance provider in Sri Lanka intends to expand its outreach and diversify its existing product portfolio by amalgamating the businesses whilst keeping in line with the Asset & Capital enhancement requirements of the Financial Sector Master Plan by Central Bank of Sri Lanka.