MCSL debenture issue withdrawn
View(s):MCSL Financial Services has withdrawn its debenture issue since the company would be part of the consolidation process that would ensure its capital expansion is secured, a statement issued to the Colombo Stock Exchange (CSE) said.
The company stated that the debenture issue set to be open on April 24 would not go ahead since the organisation is strengthening the Tier II capital and complying with the capital adequacy to support the expansion of the asset base was not required now. This was mainly because the organisation would be merging with the MBSL and MBSL Savings Bank as part of the consolidation process proposed by the Central Bank. Through this process, the surviving entity would be the MBSL.