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Wednesday, January 26, 2011

The Finance Co. Rs. 1.6bn share issue attracts Rs. 887.2mn by second day

The Finance Company’s Rs. 1.6 billion share issue has so far attracted bids amounting to Rs. 887.17 million, a stock exchange filing said yesterday (25). The share issue which opened last Friday (21) was for 40 million ordinary shares at Rs. 40 each. By the second day (24) the issue attracted applications for 22,176,900 shares amounting to Rs. 887,076,000. The applications were made up by 2 bank guarantees and 1,618 bank cheques and drafts, managers of the issue Merchant Bank of Sri Lanka told the Colombo Stock Exchange.

Incorporated 70 years ago, The Finance Company (TFC) is the country’s oldest non-bank financial institution. The company had a difficult period as the entire financial system was subject to severe stress after Rs. 26 billion Golden Key scandal.

Net loss for the 2009/10 financial year amounted to nearly Rs. 4.3 billion. Its loss for the 2008/09 financial year amounted to Rs. 2.5 billion. Total assets amounted to Rs. 27.4 billion in 2009/10. Total deposits amounted to Rs. 25.7 billion.

source - www.island.lk