Singer Finance to raise Rs 551M through rights issue

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By 2017-09-13

A subsidiary of the Singer Sri Lanka, Singer Finance is planning to raise Rs 551 million through a rights issue subject to Colombo Stock Exchange (CSE) and shareholder approval.
The Company told the CSE that it had obtained Central Bank approval for the proposed rights issue, where the Company will issue 36,740,741 ordinary voting shares at Rs 15.

The Company said that the proceedings of the issue would be utilized to expand equity and the capital adequacy of the Company, as well as to part finance the growth in its loan portfolio.
According to the stock filing, the proportion of the shares to be issued would be two new shares for every nine held.
The Company stated that its current stated capital was Rs 1.44 billion represented by 165 million ordinary voting shares. (MA)

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