Prime Lands to acquire Summit Finance for Rs.510mn

Property and real estate developer Prime Lands (Pvt) Ltd is to acquire 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 Monetary Board of the Central Bank has approved the deal, the Company Secretaries of Summit Finance PLC informed the Colombo bourse yesterday. They further said the transaction would be concluded soon. 
As at September 30, 2016, 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. 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.