Prime Lands (Pvt) Ltd. agreed to acquire 75.54% stake in Summit Finance PLC (COSE:GSF-N-0000) from Sarvodaya Development Finance Limited for approximately LKR 510 million on December 21, 2016. As reported, Prime Lands (Pvt) Ltd. will acquire 17 million shares of Summit Finance PLC at LKR 30 per share. The transaction was approved by the Monetary Board of the Central Bank of Sri Lanka on December 21, 2016.

The transaction is expected to be concluded shortly. Capital Trust Securities acted as broker for Prime Lands (Pvt) Ltd.