PMF sells Nawam Mawatha property to parent People’s Bank

People’s Merchant Finance (PMF) said it had sold a 108.4-perch property, located at No. 21 Nawam Mawatha, Colombo 2, to its parent firm, People’s Bank, for Rs. 1,040 million.

The funds will be utilised to settle outstanding facilities it owes to People’s Bank as well as to strengthen core capital of PMF in order to meet minimum capital requirements set for finance companies.

“The excess money may be used for future expansion of PMF,” the statement said. “It may increase the net interest income and profitability of PMF accordingly.”