Senkadagala Finance secures US $ 25mn FMO facility

Senkadagala Finance PLC yesterday informed the Colombo Stock Exchange (CSE) that it received a US $ 25 million financing facility from the Netherland-based FMO, on June 29, 2020, to enhance its green vehicle portfolio.

The company has specialised in leasing (85 percent of the loan portfolio), which includes both vehicle leasing and lending to MSMEs, with vehicles 
as collateral.

Senkadagala serves over 73,000 customers over 100 branches.

The FMO loan is expected to support the growth of Senkadagala’s leasing activities collateralised by hybrid and electric vehicles. 

Senkadagala was initially formed in the city of Kandy in 1968. The company has become one of the largest licensed finance companies operating under the purview of the Central Bank of Sri Lanka.

In March, Senkadagala acquired Candor Asset Management (CAM), a Sri Lankan unit trust and private portfolio management, for an estimated Rs.26.7 million.