First Capital Holdings PLC to issue Rs. 500 million debentures
View(s):First Capital Holdings PLC (FCH) is to raise Rs. 500 million by issuing five million, rated, senior, unsecured, redeemable debentures at an issue price of Rs. 100 each, a company media release said.
The Colombo Stock Exchange (CSE) has approved the application for listing the debt securities of First Capital Holdings PLC on the CSE, it said, adding that the issue would be opened for public subscription on March 4.
“Both the issuer and the issue are rated BBB+ by RAM Ratings Lanka Ltd with a stable outlook. The rating agency opined that the Company ratings are supported by good capitalization at its subsidiary First Capital Treasuries,” the release added.
First Capital Holdings PLC is the holding company of the First Capital group which includes entities operating in debt and equity markets.
The group recorded a turnover of Rs. 1.33 billion for the nine months ended 31 December 2013. “This signifies growth of 15 per cent when compared with the corresponding figures in the previous year,” the release added, noting that the group’s net trading income for the period under review was Rs. 398 million, which is an increase of Rs. 76 million over the same period in the previous year. Further, the group reported a consolidated profit after tax of Rs. 263 million which was a 15 per cent increase over the corresponding period in the previous year, mainly due to higher gains on sale of trading securities, partly offsetting higher administrative expenses.