Swarnamahal Financial Services PLC (SFS), one of the leading finance companies in Sri Lanka, announced its first successful private offering of asset-backed securities issue of Rs 167 million.
Director Tryon Hannan and Assistant Vice President of Trust and Securities Global Transaction Banking of Deutsche Bank Ravi Goonethillake hand over the agreement to Swarnamahal Financial Services, Director Nalaka Edirisinghe.
The transaction will provide medium-term funding and will subsequently allow attractive medium-term return for investors. It will also help fund new lease and hire-purchase portfolios and support the expansion plans of the company which has already commenced with the opening of the branch in Aluthgama on July 7. A new branch in Batticaloa will also be opened this month. Swarnamahal Financial Services, an associate company of the EAP Edirisinghe Group of Companies which was incorporated in 2004 and registered by the Monetary Board of the Central Bank of Sri Lanka, has a long-standing reputation for excellence, providing specialized financial solutions including pawning, leasing, hire-purchase, term loans, savings and fixed deposits.
Currently, SFS is chaired by Dr Soma Edirisinghe and members of the Board of Directors include Deputy Chairman Jeewaka Edirisinghe, Nalaka Edirisinghe, Deepa Edirisinghe, Asanka Edirisinghe, Sunil Abayaratna, Sameera Ganegoda, JFG De Silva, Ajith Weerasinghe and Mahendra De Silva.
The securitisation was arranged by the boutique investment banking solution Investrust Capital (Pvt) Ltd., formerly known as Investec Capital (Pvt) Ltd. Deutsche Bank AG Colombo Branch was appointed Trustee for the issue and Nithya Partners, a leading law firm in Sri Lanka, acted as legal advisors.
source - www.dailynews.lk
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