Bluestone1 to buy Melsta Regal Finance for Rs.2.55bn

A share purchase agreement has been entered into, to sell 100 percent of Melsta Regal Finance Limited to Bluestone1 (Pvt.) Ltd, for Rs.2.55 billion.

Melsta Regal Finance is a subsidiary of Melstacorp PLC.

Melstacorp Managing Director Amitha Gooneratne said the share sale was approved by the Central Bank of Sri Lanka.

A report in the Daily FT newspaper said Bluestrone1 is a consortium of investors comprising of Fairfax Canada, MAS Holdings, Hirdaramani and former JKH Deputy Chairman Ajit Gunewardene.

As per Melstacorp’s annual report for FY16/17, Melsta Regal Finance’s balance sheet was worth Rs.5.7 billion.