Deshodaya acquires George Steuart Finance for Rs 370

Sarvodaya owned licensed finance company, Deshodaya Development Finance Company Limited (DDFC) has acquired a 70 percent stake of George Steuart Finance PLC (GSF) for Rs.375 million.

“The DDFC acquisition took place yesterday after the signing of the agreement by both companies in July.The majority stakes with George Steuart Finance Plc and Capital Trust Holdings Limited,” Manager Research First Capital Equities Dimantha Mathew told the Daily News Business.

DDFC was incorporated in Sri Lanka and registered as a Public Company, Limited by shares under the Companies Act No. 7 of 2007 on January 1, 2010 licensed by the Central Bank under the Finance Business Act No. 42 of 2011 to carry on Finance Business on December 19, 2012. CEO Ravindra Ranjith said they have merged with Gerorge Steuarts under the Central Bank ruling. “This is to expand our company further,”he said.