New US shareholder joins Commercial Credit Board

Monday, 7 April 2014 00:00 - - {{hitsCtrl.values.hits}}

A new shareholder, US-based Creations Investment Lanka LLC’s Patrick Fisher, has been appointed to the Board of Directors of Commercial Credit and Finance Plc. “Fisher is the sole manager of Creations Investment Lanka LLC and is authorised to act on behalf of Creations,” Commercial Credit said. Creations Investment Lanka LLC is an entity incorporated in Delaware, US. The company announced that Kenneth Dan Vander has been appointed to the Board as well. Via a private placement, Commercial Credit raised Rs. 1 billion by issuing 48 million shares at Rs. 21 each. The deal was part of a Rs. 1.68 billion infusion. The second tranche is expected to be completed by 31 March 2016 with Creations subscribing to 32 million shares for Rs. 672 million.

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