A fully-paid acquisition worth of Rs. 300 Million 

Under the Financial Sector Consolidation Scheme of the Central Bank of Sri Lanka, Senkadagala Finance PLC, a registered finance company, has been given approval to buy over Newest Capital Limited, a specialized leasing company. Accordingly, Senkadagala Finance entered into a Share Purchase Agreement recently with the shareholders of Newest Capital Limited to acquire 100% of its Fully Paid Issued Capital for a consideration of Rs. 300 Mn.

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 Limited will be fully absorbed by Senkadagala Finance as directed by the Central Bank of Sri Lanka.

Photo caption: Mr. Lakshman Balasuriya - Managing Director / Chief Executive Officer of Senkadagala Finance and Mr. Janaka Ratnayake, Majority shareholder / Chairman of Newest Capital exchanging Agreements. Mr. J P R Karunaratne – Director and Mr. H B D Karunaratne - Additional Director, both from the Supervision of Non-Bank Financial Institutions Department of the Central Bank of Sri Lanka together with officials of the two companies are also seen in the picture.