Sri Lanka Abans Finance to raise Rs Rs277mn from rights issue
ECONOMYNEXT – Sri Lanka’s Abans Finance plans a one for five rights issue of 11 million ordinary shares at Rs25 each to raise Rs277 million, a stock exchange filing said.
The cash will be used to expand the firm’s lending and investments and “to upgrade the company into a well capitalised status to meet any possible increases in the minimum capital requirements applicable for finance companies.”
The firm’s current stated capital is Rs844 million made up of 55.4 million ordinary shares.
The rights issue is subject to Colombo Stock Exchange approval. Abans has already got central bank approval.
(COLOMBO, Dec 28, 2016)