Free Hold
Multi Finance completes Rs.350 million Asset-backed Securities Issue
View(s):Multi Finance PLC (MF PLC), a fast-growing Central Bank licensed finance company and a listed Company on the Colombo Stock Exchange, has announced its first successful private offering of an asset-backed securities issue of Rs. 350million. The core objective of this issue was to finance its new lease and hire purchase portfolio as part of MF PLC’s growth strategy. MF PLC firmly believes that this process provides effective medium term funding which in turn allows for very attractive medium term return for investors.
This transaction was arranged by Investrust Capital Ltd., (formerly known as Investec Capital (Private) Limited), a boutique investment banking institution and a provider of integrated capital markets and strategic corporate services. Seylan Bank PLC has been appointed as trustee to manage the Trust.
The Group Executive Director/CEO of MF PLC Mr. A H M Riyaz said: “we are pleased that, together with Investrust Capital and Seylan Bank we are able to access alternative sources of capital market funding. This issue is not only increases the amount of capital available for disbursement, but it is an important indicator of the strength of our assets and the durability of our business model. Our continuing ability to access low cost capital in the public and institutional markets gives us considerable competitive advantage to build shareholder value.”
MF PLC, which became a member of the Entrust Group in 2008, is a Central Bank Licensed finance company under the Finance Business Act No 42 of 2011. MF PLC having over 38 years of experience in the finance industry engages in deposit mobilization, leasing & hire purchase of motor vehicles, pawning and also providing other loans. The company obtained its official listing on the Diri Savi board of the Colombo Stock Exchange in year 2011.
Related Posts:
UB Finance Company begins operations, reviving resurrecting failed F&G Co LtdUB Finance Company, formed by the Union Bank (UBC) with the acquisition of The Finance and Guarantee Company Ltd (TF&G), ...
Abans Finance records remarkable growth in 2012Abans Finance PLC has gained an impressive surge in profits for the year just ended reaping rich dividends from a ...
Finance and banking course for journalistsA diploma course in economics, banking and finance for journalists is being jointly organized by the Centre for Banking Studies ...
Commercial Leasing and Finance says maintains ‘impressive growth’Commercial Leasing & Finance Ltd (CLC) - part of the LOLC Group - said it posted impressive growth in profits ...
CB-appointed external auditors for finance, leasing companiesFinance and leasing companies (non-banking financial institutions –NBFIs) will henceforth be compelled to use external auditors hand-picked by the Central ...