Depositors of Standard Credit Lanka Limited (SCLL) were issued share certificates recently at the office premises, amidst the presence of the officials of the Managing Agent, Entrust Limited, Directors of the company and other staff members.
With the handing over of the Managing Agent to Entrust Limited, by the Central Bank of Sri Lanka effective 1st April 2011 and with the continuous support of Senior Officials of Central Bank of Sri Lanka, the company formally called and known as Ceylinco Investments & Realty Limited, has been able to regain the confidence of its depositors with the implementation of the approved restructuring plan.
The successful implementation of the Monetary Board approved restructuring plan, gave the option for the depositors to convert part of their deposit amount into equity. With the support extended by the depositors of Standard Credit Lanka, the management of SCLL, with the assistance of the Managing Agent officials was able to convince more than five thousand Fixed Deposit clients to convert 68% of their deposit, into Non- voting ordinary shares and more than 250 deposit holders have given their consent for 100% conversion.
The completion of the conversion would provide the company to expedite and implement the next phase of the restructuring plan and thereby gradually improve the financial position to pave way, for recommencement of business activities of the company. Standard Credit Lanka which, got affected by the Ceylinco group crisis, has now seen light at the end of the tunnel after almost 2 years of uncertainty.
According to officials of the company, the payment of monthly interest for the balance 32% of the Fixed deposit amount, has already commenced and initially the interest would be paid for the months of January, February and March all together as one payment and the balance interest due for the months from April to August would be paid in total, during the month of August.
The success of the approved restructuring plan was possible, mainly due to cooperation extended by the clients, all stake holders of Standard Credit Lanka and the staff who extended their fullest support and commitment to the Managing Agent, Entrust Limited which, came into the forefront to resurrect and give a new lease of life for the troubled registered Finance company.