Business Times

Shareholders unanimously approve NLF private placement

Nation Lanka Finance Company’s (NLF) private placement and the rights issue aimed at infusing capital worth Rs.500 million through a consortium of investors was approved at an Extra Ordinary General Meeting (EGM) held on Wednesday by a majority of shareholders of the company, a senior official of the company said.

A consortium of investors led by Asanga Seneviratne’s Investor Access Equities (Pvt) Ltd, Nawaloka Construction Company (Pvt) Ltd and individial investor Jayaprakash Rudra are to execute the private placement deal of Rs.500 million, and the controlling powers of Nation Lanka would be transferred to the consortium, said NLF Chief Executive Officer Bede Fernando. Accordingly a new of board directors for the company will be constituted shortly, he revealed. The company will use this money raised from the private placement for lending and real estate business. However he noted that new business plans will be announced next week.

There was no objection, as expected, from Bandula Ranawera, one of the accused in the Golden Key fraud case and a former director of collapsed Golden Key Company who continues to serve as the Managing Director of NLF despite the Supreme Court order that no GKCC director can work as a director of any public deposit taking company or institution, According to company sources, he was planning to defeat the resolution with the help of some other directors but didn’t oppose it at the meeting.

The board of directors resolved to issue 59,958,150 shares by the way of rights to the existing shareholders at a price of Rs.5 per share to raise Rs.300 million, and 100 million shares by way of a placement to a consortium of investors at a price of Rs 5.per share to raise Rs.500 million.

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