Singer Finance PLC on Thursday announced its Rs 400 million Initial Public Offering (IPO) due to open next Wednesday.
The company said that it will issue 26,666,667 new shares for subscription with a share issue price of Rs. 15 and that this will bring Singer Finance’s total market capitalization to approximately Rs. 1.6 billion.
On Friday in an unconnected event, NDB Investment Bank announced that it has structured a Rs.1.4 billion Debt Issue for Singer (Sri Lanka) PLC.
Hemaka Amarasuriya, Chairman Singer Finance told the media that as a wholly owned subsidiary of Singer (Sri Lanka), this company has leveraged the power of its parent company to revolutionize the finance sector. He said that Singer Finance is not only traditional financing products, such as fixed deposits, and vehicle hire purchase and leasing, but also in financing options that help customers to purchase Singer Sri Lanka products.
“Given the positive economic environment prevailing in the country and the expected increase in demand for debt financing, Singer Finance has begun an expansion process that will help it increase its current network of 6-branches and 6-service centres to a total of 24 by 2015, allowing it to provide an even better service to existing and future customers,” he said, adding that the company will be establishing another service centre in Vavuniya by next year.
In a separate statement, NDB said Singer successfully completed a debt raising of Rs. 1.4 billion through a mix of an unsecured subordinated redeemable debenture issue of Rs. 1 billion and Rs.400 million in the form of a unsecured loan. The transaction which concluded recently was fully subscribed with the participation of a consortium of banks. |
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