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Seylan Merchant Leasing Limited (SMLL), a subsidiary of Seylan Merchant Bank,has declared a five per cent interim dividend to all "Class B" shareholders on the back of a creditable performance in the first quarter of 2002.

The dividend, the first by this fledgling in the local leasing industry, will accrue to some 132 shareholders who participated in a public unquoted issue of Class B ordinary shares. All Class A shares are held by Seylan Merchant Bank (SMB).

SMLL Managing Director Rohan Senanayake said SMLL had recorded a creditable performance in 2001, its first full year of operation, and made a profit of about Rs 3 million in the first quarter of 2002. "The prospects for SMLL look quite encouraging, especially if interest rates remain constant for the rest of the year," he said.

He said the company was hopeful of announcing further dividends as the year progresses. The management of SMLL had decided that priority would be accorded to Class B or public shareholders in the declaration of dividends in appreciation of their confidence in the company.

Seylan Merchant Leasing was incorporated on July 31, 2000 and commenced operations in August 2000. Its mission is to develop and market a diverse range of value-added leasing products. The company declared a post tax profit of Rs 3 million for the 2001 financial year.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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