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Seylan Merchant Leasing Limited (SMLL), a subsidiary of Seylan Merchant Bank (SMB) has announced the payment of a second and final dividend of five percent to all Class B shareholders, based on its financial performance for 2002.

This second dividend brings the total dividends paid in the year to 10 per cent. The dividend will be paid to 130 shareholders who participated in a public unquoted issue of Class B shares. All Class A shares are held by Seylan Merchant Bank.

SMLL Managing Director Rohan Senanayake said "We are extremely encouraged by the performance of SMLL, which is only in its second year of operation." He said the declaration of this dividend is to show SMLL"s appreciation towards its Class B shareholders for their confidence in the company.

Senanayake said SMLL has recorded a healthy growth in its financial results for the year ended December 31, 2002, with a post-tax profit of Rs. 13 million, compared to Rs. 3 million in the corresponding period in 2001. "If the economic conditions remain stable, we are confident of maintaining this profitable trend," he said.

Seylan Merchant Leasing Limited 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. SMLL paid its first dividend of five per cent in April 2002. The company recently launched a new issue of four-year unsecured, subordinated, redeemable and unlisted debentures to the value of Rs. 50 million to raise funds for the company's leasing activities.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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