The Finance Company (TFC) management announced the share issue that was recently opened was subscribed with good participation from institutional investors and high net-worth individuals.
In an endeavour to re-capitalize the organization, The Finance Company issued 40,000,000 ordinary voting shares at the rate of Rs. 40 per share. Through this share issue the Company planned to raise Rs. 1.6 billion in capital.
TFC has achieved stability and sustainable growth during the past two years under the guidance of the Central Bank of Sri Lanka and the company’s managing agents Merchant Bank of Sri Lanka, a fully owned Bank of Ceylon subsidiary.
TFC director/Chief Executive Officer Kamal Yatawara said, “Our organization is y showing steady growth and stability. The share issue over subscription as well as the new deposit intake of over Rs. 300 million during last month are indicators of the people’s confidence in the organization. With adequate capital for normal business activities resulting from the share issue as well as the new deposit inflow, the Company would be striving to acquire a large market stake in the areas of hire purchase, pawning, etc.” He also thanked the customers and said that they were a strong force behind TFC’s current success.
The Company has been achieving successful results in a steady manner during the past couple of months. According to the overall 3rd quarter (Q) ‘10 performance figures, TFC’s new deposit intake has grown by 47%, increasing monthly new deposits up to Rs. 300 million. 85% of its depositors are consenting to their deposits being renewed at maturity. The pawning business has recorded a 50% growth during the last Q. In addition, the real-estate segment (land sales) has grown by 173% giving a boost to the company’s overall revenue.
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