Thu, 28 Mar 2024 Today's Paper

Prime Lands acquires 75% of Summit Finance for Rs.510mn

By

17 January 2017 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

Property and real estate developer, Prime Lands (Pvt.) Ltd, yesterday acquired 17 million shares or 75.54 percent of Summit Finance PLC held by Sarvodaya Development Finance Limited at a price of Rs.30 per share, aggregating to a total consideration of Rs.510 million. 
According to an earlier stock market disclosure, the Monetary Board of the Central Bank had approved the deal.Capital Trust Securities acted as the buyer’s broker for yesterday’s transaction. Prime Lands is expected to announce a mandatory offer for the remaining shares of Summit Finance soon since the transaction triggered the Securities and Exchange Commission Takeovers and Mergers Code.

As at September 30, 2016, the net asset value per share of Summit Finance stood at Rs.14.34. The total assets were Rs.1.43 billion. 
For the six months ended September 30, 2016, the company was able to narrow its losses by 82 percent year-on-year to Rs.3.5 million. 
The Prime Lands group already has experience in financial services as it operated the microfinance firm, Prime Grameen Micro Finance Ltd, of which the controlling shareholding was sold to Hatton National Bank PLC for a consideration of Rs.660 million in 2014.


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H