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GSF looking for strategic partnerships

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1GSF looking for strategic partnerships Empty GSF looking for strategic partnerships Tue Jul 21, 2015 8:30 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Sri Lanka's Sarvodaya Movement controlled listed finance company George Steuart Finance PLC (GSF) is currently looking for strategic partnerships, company senior official said yesterday.
It would be 50:50 ownership or more, we are going for name change as well, he said.



Sarvodaya Movement owned licensed finance company Sarvodaya Finance Company (formerly Deshodaya Development Finance Company Limited) Limited last September acquired a 75 % stake of listed George Steuart Finance PLC (GSF) for over Rs.400 million.



That was a forceful merger under the Central Bank direction, at the time of the DDFC acquisition, GSF was under tremendous pressure with high non performing loans, analysts said.
Under new Sarvodaya management, GSF is now back on the right track, a senior company official said.
GSF's total asset base is Rs 1.3 billion, while the book per share was around Rs 11.70. During 2015 March quarter GSF's net profit down 45% to
Rs 14.3 million.



GSF formerly Divasa Finance was re-branded as GSF two years ago after securing the finance licence from the Central Bank in May 2011. The company had been in the business of offering financial intermediary services since 2005 under the name 'Asia Commerce Limited' as an approved leasing company under the Finance Leasing Act till May 2011.
Courtesy: Ceylon Financial Times 21 July 2015

slequityanalyst


Manager - Equity Analytics
Manager - Equity Analytics

Hi Melissa, These Ceylon Today news, I take with extra skepticism as they have earned a bad reputation since of late in terms of publishing baseless news. Very recent being the CFL news.

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