Adam Capital incorporates new entity to enter micro finance business

Adam Capital PLC, a subsidiary of Adam Investments PLC said it incorporated a company to enter into the micro credit business.

The name of the new entity is Adam Capital Micro Credit (Pvt) Ltd.

Adam Capital said Central Bank approval was not required to set up a micro credit business, as the Micro Finance Act has not yet been passed in Parliament. 

Adam Capital, this April, also revealed its intention to act as a Placement Agent to canvass for investment for the Sri Lankan government and in the corporate bond market. 

In line with the new business direction, the company also announced the appointment of a new chairman and two directors.

Senior banker and former GM/CEO at Seylan Bank PLC Ajita Pasqual was appointed the Chairman.

Along with him, Dinesh Renganathan, a career banker with over 40 years of experience, was appointed as an Independent Non-Executive Director.

The company previously informed the CSE that a special resolution to change the name from PCH Holdings PLC to Adam Capital PLC and to increase the number of directors from seven to 10 were passed at an Extraordinary General Meeting held on March 31, 2015.