Softlogic Finance is continuing to forge ahead with its aggressive expansion strategy, recording its total assets at Rs 5.4 billion as at May 31, 2011. With its asset base rising by over 185 percent from the Rs 2.9 billion that was recorded in September 2010, the company now categorized as a “Large Financial Company” by the Central Bank, also reported 100 percent growth in its public deposit base during the period September 2010 to May 2011.
“Our intention is to expand Softlogic Finance to a prominent position, that would stand amongst the top 5 companies in the financial services sector within the next three years,” Softlogic Finance Chairman Ashok Pathirage said. “We are planning to boost our current product portfolio with several new products built around the concept of convenient solutions, as well as to extend our branch network to several more locations around the island over the next year,” he said.
Backed by the strength of the Softlogic Group, Softlogic Finance is planning further support its expansion plans with a rights issue to raise Rs 535 million. “We are aiming to increase our stated capital for the year from the current Rs 468 million to above Rs 1 billion, which will not only increase the company’s equity base but also fuel our growth strategies,” Pathirage said.
He elaborated that the rights issue will offer existing shareholders the privilege to buy 2 additional shares for every 5 ordinary shares they own, at Rs 50 per share.
Softlogic Finance’s total deposit portfolio nearly doubled compared with September 2010, passing the landmark of Rs 2 billion deposit liabilities, in May 2011.
source - www.dailynews.lk
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