Bimputh buys 25% of Sinhaputhra Finance for Rs. 433 m

Wednesday, 3 September 2014 00:38 - - {{hitsCtrl.values.hits}}

Bimputh Finance Plc yesterday bought a 25% stake in Sinhaputhra Finance Plc for Rs. 433 million. The acquisition was via the stock market. Bimputh bought 1.573 million shares of Sinhaputhra at Rs. 275 each. With yesterday’s acquisition, Bimputh holds 25.5% or 1.605 million shares in Sinhaputhra. Bimputh is controlled by Daya Group, owned by Opposition politicians Daya and Anoma Gamage. The move is part of the financial sector consolidation initiated by the Central Bank. Net asset per share of Sinhaputhra was Rs. 154 as at June 2014. The Kandy-based finance company had Rs. 6.62 billion in assets (inclusive of Rs. 4.4 billion in loans and receivables – leases, hire purchases and others) whilst liabilities were Rs. 5.6 billion (including Rs. 4.96 billion in deposits). Equity amounted to Rs. 986 million including retained earnings of Rs. 202 million. In the three months ended on 30 June 2014, Sinhaputhra had posted an after tax profit of Rs. 16.4 million, up from Rs. 10.4 million a year earlier. Gross income amounted to Rs. 269.7 million as against Rs. 251 million. Managing Director K.R.B. Wijeyeratne held a 51% stake in Sinhaputhra as at June 2014. Bimputh is a relatively new and smaller finance company. Its assets are only Rs. 1.78 billion with liabilities being Rs. 1 billion. Its net asset per share is Rs. 14. It posted a profit of Rs. 11.4 million in the quarter ended on 30 June 2014, up by 56% over a year earlier.

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