The Monetary Board of the Central Bank has reconstituted the board of directors of The Finance Company PLC (TFC) following the resignation of the entire director board of the troubled finance company, which was earlier part of the Ceylinco group.
Accordingly, former Air Niugini CEO and chartered accountant Wasantha Kumarasiri has been appointed as Non-Executive Chairman of TFC while former Sanasa Development Bank PLC and HDFC Bank chief Nimal Mamaduwa has been appointed as an Executive Director.
In addition, Rathnasiri Siriwardene – a former General Manager at Regional Development Bank, W.G. Karunadasa – presently Group Chief Internal Auditor at EAP Holdings and former Bank of Ceylon Chief Internal Auditor and M.K.D.W. Amarasinghe – a former Deputy Inspector General of Police, have been appointed as Independent Non-Executive Directors.
Those who ceased to be directors of TFC with effect from December 31, 2016 are P.J. Jayasinghe, S.A.S. Gunawardena, S.R. Bandaranayake, P.L.D. Seneviratne and M.R.J. Rodrigo.
During the six months ended September 30, 2016, TFC saw its net loss narrowing 13 percent year-on-year (YoY) to Rs.715 million. The total asset base of the group fell 4 percent during the six months to Rs.22.8 billion. The accumulated losses also rose 4 percent to Rs.19.8 billion.
TFC’s net asset value per share stood at negative Rs.85.51 as at September 30, 2016, worsening from Rs.81.50 six months ago.