People’s Leasing Finance PLC (PLF) – formerly Seylan Merchant Leasing PLC – has undergone a remarkable turnaround since it was acquired by People’s Leasing in June 2009.
Subsequent to its acquisition, the operations of PLF were restructured in order to streamline it with its parent company, People’s Leasing. PLF has since shown continuous steady improvement and its future looks extremely bright.
The decision to offer a one to one rights issue was approved unanimously by the shareholders at the Extraordinary General Meeting held on 16 September 2010. The rights were offered at a price of Rs. 25 each. The offer was met with great enthusiasm as shown by the fact that the rights were oversubscribed.
The strong performance of PLF over the past year is reflected by the fact that the share price increased from Rs. 9 per share one year ago to Rs. 161 as at close of trading on 8 October.
PLF expects to expand its operations in the near future in order to seize the opportunities arising from the rapid development of the country’s economy. New branches are expected to be opened in the North and East of the country in order to provide financial services to the population.