Orient Finance Right Issue was fully subscribed | Daily News


 

Orient Finance Right Issue was fully subscribed

Orient Finance PLC recently announced a Rights Issue, on the basis of one new share for every 5 shares held and it was fully subscribed.

The company’s main shareholder Janashakthi PLC subscribed to the additional shares, bringing the entire funds raised through the Rights Issue to a total of Rs 506 million. The move is expected to enhance the Company’s potential, while enabling the growth of its product portfolio. The flow of capital will also strengthen its position within the regulatory framework governing financial markets in Sri Lanka.

“This is a step in the right direction for us as a company that possesses tremendous potential for expansion” says Mr Prakash A Schaffter, Non-Executive Director of Orient Finance PLC and Chairman of Janashakthi Insurance, “ As a customer oriented company offering a range of services from fixed deposit to leasing and gold loans, this would mean we can truly consolidate our customer focus.”

Commenting on the successful completion of the Right Issue, Dr Dayanath C Jayasuriya PC, Chairman of Orient Finance, states that it will reinforce the company’s financial strength, while consolidating its standing in the industry as a strategic player. “The infusion of capital is expected to fuel the growth of our lending portfolio “, he adds.

Dr Jayasuriya points out that the rights issue also contributes towards enhancing the confidence placed by the shareholders and the consumers in the Sri Lankan financial sector. Orient Finance offers plenty of opportunities for our customers to progress, utilizing the exceptional services that we offer”, he adds.

A finance company with a strong track record of pioneering innovative leasing solutions, Orient Finance has built a comprehensive network of operations throughout the country, with 31 branches and convenience centers.

Orient Finance Right Issue was fully subscribed

Orient Finance PLC recently announced a Rights Issue, on the basis of one new share for every 5 shares held and it was fully subscribed.

The company’s main shareholder Janashakthi PLC subscribed to the additional shares, bringing the entire funds raised through the Rights Issue to a total of Rs 506 million. The move is expected to enhance the Company’s potential, while enabling the growth of its product portfolio. The flow of capital will also strengthen its position within the regulatory framework governing financial markets in Sri Lanka.

“This is a step in the right direction for us as a company that possesses tremendous potential for expansion” says Mr Prakash A Schaffter, Non-Executive Director of Orient Finance PLC and Chairman of Janashakthi Insurance, “ As a customer oriented company offering a range of services from fixed deposit to leasing and gold loans, this would mean we can truly consolidate our customer focus.”

Commenting on the successful completion of the Right Issue, Dr Dayanath C Jayasuriya PC, Chairman of Orient Finance, states that it will reinforce the company’s financial strength, while consolidating its standing in the industry as a strategic player. “The infusion of capital is expected to fuel the growth of our lending portfolio “, he adds.

Dr Jayasuriya points out that the rights issue also contributes towards enhancing the confidence placed by the shareholders and the consumers in the Sri Lankan financial sector. Orient Finance offers plenty of opportunities for our customers to progress, utilizing the exceptional services that we offer”, he adds.

A finance company with a strong track record of pioneering innovative leasing solutions, Orient Finance has built a comprehensive network of operations throughout the country, with 31 branches and convenience centers.


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