Nation Lanka Finance PLC’s second “RIGHTS ISSUE” in less than a year has been oversubscribed, the company said.
The confidence placed in the company, by their share holders especially when market sentiment is at low ebb is indeed a significant achievement, it said in a statement.
Subsequent to the takeover of the company in April 2011 by a consortium of investors led by Asanga Seneviratne’s Investor Access and including Jayantha Dharamadasa as Chairman and J. Rudra, the organization has taken giant strides in the financial services sector. They have raised over Rs. 1.3 billion in new equity and consolidated Nation Lanka.
“Envisaging this positive response to the Rights Issue and taking a cue from the rapid strides in the national economic revival, particularly in the rural sector the company’s entire branch network which is spread across the island, has been given a facelift and in some instances relocated to cater to the growing clientele. The addition of micro finance and pawning to its portfolio of products has seen a tremendous increase in its customer base,” it said.
Starting the year 2012 on a winning note and with more innovative products and services lined up to be unveiled in the near future the company is heading in the right direction and signs have already appeared that Nation Lanka Finance PLC will be a much sought after financial institution in the future, the statement added