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Thursday, January 27, 2011

The Finance Co. Rs. 1.6bn share issue attracts Rs. 908mn by day 3

The Finance Company’s Rs. 1.6 billion share issue has so far attracted bids amounting to Rs. 907.96 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 third day (25) the issue attracted applications for 22,699,000 shares amounting to Rs907,960,000. The applications were made up by 2 bank guarantees and 1,754 bank cheques and drafts, managers of the issue Merchant Bank of Sri Lanka told the Colombo Stock Exchange yesterday (26).

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 and does not seem to be enjoying the same kind of investor enthusiasm enjoyed by the majority of IPOs in the recent past.

The company’s Net loss for the 2009/10 financial year amounted to nearly Rs. 4.3 billion. Total assets amounted to Rs. 27.4 billion in 2009/10. Total deposits amounted to Rs. 25.7 billion.

source - www.island.lk