Over 4,000 applications were received for the Nation Lanka Finance PLC’s rights issue, geared towards raising Rs.240 million to infuse the company’s working capital and facilitate the expansion of its core activities of leasing, hire purchase and loans.
The rights issue was issued on a 1:1 basis to existing shareholders and had been fully subscribed. Nation Lanka stated in a press release that the issue will augur well for the company’s future growth.
The company also plans to further expand its branch network which presently stands at 12. The first such new branch is scheduled to be opened by March 2010 in Jaffna.
It also plans to obtain a finance company license from the Central Bank, one of several plans for further value addition to its current standing in the industry, the company said.
The management noted that the response from shareholders on the rights issue, particularly from the outstations, was encouraging. |
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