Nation Lanka Finance’s Rs. 502 m Rights Issue oversubscribed

Friday, 18 March 2016 00:00 - - {{hitsCtrl.values.hits}}

Nation Lanka Finance’s Rights Issue worth Rs. 502 million closed recently and was successfully oversubscribed, with applications exceeding the initial share allocation of 502, 326, 522 ordinary shares. The Rights Issue was held on the basis of 02:01 at Rs. 1 per share and was extended to existing shareholders.

The successful Rights Issue has provided the company with an infusion of capital, which will ensure its compliance with the required Tier 1 adequacy ratio set by the Central Bank of Sri Lanka. Additionally the funds generated from the issue will help to improve the company’s overall liquidity whilst supporting its continued growth and expansion.

Commenting on the success of the Rights Issue, Nation Lanka Finance CEO Jayantha Perera stated, “We are extremely pleased with the outcome of the Nation Lanka Finance Rights Issue and would like to express our gratitude to our valued shareholders for the trust that they have all placed in us and the company. The oversubscription of this Rights Issue is a strong indicator of the public’s faith in our strategic and operational capabilities and we look forward to building further on this milestone and solidifying Nation Lanka Finance’s position as a leader in the local financial services industry.”

Nation Lanka Finance has renewed its focus on product development, compliance, good governance and shareholder value-maximisation as part of its long-term commitment to be a responsible corporate citizen and industry leader.

In all of its endeavours, Nation Lanka Finance remains committed to serving the nation and its people. The company is licensed and regulated by the Central Bank of Sri Lanka and has a rich heritage extending over 28 years. With a strong reputation built on long-standing relationships with local communities and customers, Nation Lanka Finance continuously encourages financial inclusivity and provides customers from all walks of life with a diversified range of practical financial products and services which are delivered via a network of 25 location points across Sri Lanka.