Deshodaya Development Finance Limited signed a memorandum of understanding to acquire 75.98% stake in George Steuart Finance PLC (COSE:GSF-N-0000) from George Steuart & Company Limited and Capital Trust Holdings (Pvt) Ltd. for approximately LKR 380 million on July 21, 2014. The deal is subject to approval by the Central Bank.

Deshodaya Development Finance Limited completed the acquisition of 70.25% stake in George Steuart Finance PLC (COSE:GSF-N-0000) from George Steuart & Company Limited and Capital Trust Holdings (Pvt) Ltd. for approximately LKR 350 million on September 24, 2014. Deshodaya acquired 11.4 million shares from George Steuart & Company and 4.33 million shares from Capital Trust Holdings at LKR 22.2 per share.