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Nation Lanka Finance raises Rs.250mn to support lending

19 April 2017 09:44 am - 0     - {{hitsCtrl.values.hits}}

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Nation Lanka Finance PLC, a licensed finance company with an asset base of around Rs.8.0 billion has raised Rs. 250 million via a subordinated debenture issue by  way of a private placement with the objective of buttressing the company’s tier II capital, a stock exchange filing by the company said. 
The company has issued 250,000 debentures at Rs.1, 000 each for five years at a cost of 14 percent per annum, payable quarterly. 
On March 30, shareholders of the finance company passed a special resolution to set off the accumulated losses against the company’s stated capital to comply with regulator’s requirements. 
As a result, the company set off its accumulated losses of Rs.1.6 billion up to September 30, 2016, against the company’s stated capital of Rs.2.3 billion represented by 753.5 
million shares.

The stated capital of the company post reduction would be Rs.623.7 million. 
The embattled finance company made losses up to 2015/16, except a marginal profit in 2013/14, until the new management took it over from the original owners. 
Failing to turn the company’s fortunes, high net worth investor, Asanga Seneviratne, who held the largest stake in the company sold his entire stake in June 2015 to Nawaloka Construction Company Limited and to directors Harshith Dharmadasa and Victor Ramanan.
As of December 31, 2016, Ramanan held 29.99 percent stake in the company followed by Nawaloka group director, Upali Dharmadasa with 18.70 percent stake. Nawaloka Construction Company Private Limited held another 5.87 percent stake.  Harshith Dharmadasa also held 4.98 percent stake. 
For the nine months ended December 31, 2016, the company posted a net profit of Rs. 121.2 million against Rs.99.5 million for the same period last year. 
The company has a deposit base of Rs.6.8 billion and an advance base of Rs.5.3 billion as of 
December 31, 2016.
Asset quality is still very high with the gross non-performing loan ratio at 12.48 percent. 
Nation Lanka Finance operates with 19 branches, 7 service centers and 580 staff. 

 

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