Sri Lanka’s Sinhaputhra Finance given time to raise capital

ECONOMYNEXT – Sinhaputhra Finance Plc, non-bank lender in Sri Lanka has been given time to raise capital, the central bank said.

…[I]n view of the proposed capital augmentation plan submitted by the Sinhaputhra Finance PLC (SINF) and in the interest of depositors, the Monetary Board decided to provide SINF with an opportunity to implement the proposed capital augmentation plan within the timeframe stipulated,” the regulator said in a public statement.

The central bank which regulates finance companies, had previously warned Sinhaputhra Finance that its license could be cancelled.

Sinhaputhra then said in stock exchange filing that a capital raising plan, backed by an investor had been submitted to the regulator. (Colombo/Sep19/2019)