3 April 2018 12:02 am
A share purchase agreement has been entered into, to sell 100 percent of Melsta Regal Finance Limited to Bluestone1 (Pvt.) Ltd, for Rs.2.55 billion.
Melsta Regal Finance is a subsidiary of Melstacorp PLC.
Melstacorp Managing Director Amitha Gooneratne said the share sale was approved by the Central Bank of Sri Lanka.
A report in the Daily FT newspaper said Bluestrone1 is a consortium of investors comprising of Fairfax Canada, MAS Holdings, Hirdaramani and former JKH Deputy Chairman Ajit Gunewardene.
As per Melstacorp’s annual report for FY16/17, Melsta Regal Finance’s balance sheet was worth Rs.5.7 billion.