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Friday, July 15, 2011

Softlogic Finance goes for Rs 500 m Rights Issue

Ravi LADDUWAHETTY

Softlogic Finance will go in for a Rs 500 million Rights Issue at the end of this month.

The reason for the Rs 500 million will be to meet the Central Bank of Sri Lanka's Capital Adequacy Ratios and this will be to raise Tier I capital, Chairman Ashok Pathirage told Daily News Business yesterday. "The reason for the Rights Issue has been due to the phenomenal growth of our business and we will be holding an Extra ordinary General Meeting of shareholders soon to get their approval and we will be having the Rights Issue end July," he said.

Market sources said that with the Rights Issue and with the Asian Alliance acquisition, Softlogic Finance would be billed to be among the top five finance companies in Sri Lanka.

source - www.dailynews.lk