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| Tuesday, 14 September 2004 |
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SMB floats another Rs. 100 million debenture issue Seylan Merchant Bank (SMB) has launched a new issue of four - year unlisted debentures to the value of Rs. 100 million, which is approved, by the Securities and Exchange Commission of Sri Lanka (SEC), to raise funds for the company's leasing activities. The issue opened on September 8 and will close on December 31, 2004, the Bank, said this week. The new debentures of Rs. 100 denomination carry an option to raise a further Rs. 100 million in the event of an over subscription. Interest rates would range from 13 per cent with interest payment annually to 12.5 per cent with interest payment monthly. The minimum subscription is Rs. 10,000. SMB General Manager Rohan Senanayake said: "We are issuing this debenture to enhance our leasing portfolio and to raise money for future business. We are, confident that the new issue will be oversubscribed quickly due to the, attractive interest rates on offer." This second issue of debentures for 2004 is offered through SMB's branch, network and the interest rates are higher than most four-year rates offered by banks, he said. In February this year, a similar debenture issue of Rs. 100 million was oversubscribed 100 per cent. Incorporated in October 1992 as a member of Ceylinco Consolidated, Seylan Merchant Bank Limited is registered by the Central Bank of Sri Lanka as Registered Finance Leasing Establishments under the Finance Leasing Act No., 56 of 2000. Its subsidiaries include Seylan Merchant Leasing Limited, SMB, Real Estate (Pvt) Ltd. and SMB Money Brokers (Pvt) Ltd. |
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