The change in name comes with the acquisition of Summit Finance PLC by Property and real estate developer, Prime Lands (Pvt.) Ltd.
Prime Lands, this January 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.
The transaction called for a mandatory offer by Prime Lands to acquire the remaining shares of Summit Finance. As at June 30, 2017, Prime Lands held 21.3 million shares or 94.5 percent of Prime Finance.