The Finance Company floats expression of interest for Rs25bn investment
ECONOMYNEXT- Sri Lanka’s The Finance Company Plc has called expressions of interest for potential investors to inject 25 billion rupees in capital to the troubled firm.
The Finance Company in a market disclosure said its board on December 31 decided to call for credible expressions of interest from both local and foreign investors.
The Central Bank of Sri Lanka in October issued a notice of cancellation of The Finance Company’s license but has not yet cancelled the license to allow the firm a chance to attract an investor.
In the June quarter The Finance Company posted a 1 billion rupee loss from a 743 million rupee a loss a year earlier, on falling income.
Up to end-June the firm had accumulated 28 billion rupees in losses.
The Finance Company was a part of the Ceylinco group which collapsed following the Golden Key Credit Card Company scandal. (Colombo/Jan02/2019)