Orient Finance poised for growth with Rs. 506 m Right Issue

Thursday, 14 May 2020 00:00 - - {{hitsCtrl.values.hits}}

Orient Finance PLC, incorporated in 1981 and licensed by the Monetary Board of the Central Bank of Sri Lanka as a finance company, has been a leading player in the financial sector in Sri Lanka. Having recently celebrated 38 years of operations, the Company today is ready for further expansion and growth, affirming its position in the industry.

The company recently announced a Rights Issue, on the basis of one new share for every five shares held, which was fully subscribed. The company’s main shareholder Janashakthi PLC subscribed to the additional shares, bringing the entire funds raised through the Rights Issue to a total of Rs. 506 million. The move is expected to enhance the Company’s potential, while enabling the growth of its product portfolio. The flow of capital will also strengthen its position within the regulatory framework governing financial markets in Sri Lanka.

“This is a step in the right direction for us as a company that possesses tremendous potential for expansion,” says Prakash A. Schaffter, Non-Executive Director of Orient Finance PLC and Chairman of Janashakthi Insurance. “As a customer oriented company offering a range of services from fixed deposit to leasing and gold loans, this would mean we can truly consolidate our customer focus.”

Commenting on the successful completion of the Right Issue, Orient Finance Chairman Dr. Dayanath C. Jayasuriya PC states that it will reinforce the company’s financial strength, while consolidating its standing in the industry as a strategic player. “The infusion of capital is expected to fuel the growth of our lending portfolio,” he adds.

Dr. Jayasuriya points out that the rights issue also contributes towards enhancing the confidence placed by the shareholders and the consumers in the Sri Lankan financial sector. “Orient Finance offers plenty of opportunities for our customers to progress, utilising the exceptional services that we offer,” he adds.

A finance company with a strong track record of pioneering innovative leasing solutions, Orient Finance has built a comprehensive network of operations throughout the country, with 31 branches and convenience centres located in all major cities that provide the customers with an efficient and a convenient service.

The Company’s products range from leasing facilities for SUVs, cars and three wheelers to gold loans, and attractive rates for Fixed Deposits, serving a wide and varied network of customers.

Listed on the Colombo Stock Exchange, the Board of Directors of Orient Finance consists of Dr. Dayanath Jayasuriya P.C. Independent Non-Executive Director and Chairman, Prakash A. Schaffter, Non-Executive Director, Ramesh Schaffter, Non-Executive Director, K.M. Anil T.B. Tittawella PC, Non-Executive Independent Director, Minette D.A. Perera, Non-Executive Director, Indrani Goonesekera, Non-Executive Independent Director, N. Sriyan S. Cooray, Non-Executive Independent Director and Darshana Ratnayake, Independent Non-Executive Director.