Arpico Finance Rights Issue oversubscribed

Arpico Finance has successfully concluded two rights issues for the year 2008/09. Both rights issues were oversubscribed raising over Rs. 80 million, increasing the Company’s liquidity and capital funds.

Arpico Finance, operates under the aegis of the Alliance group. It is a 50-year old company and the second oldest finance company in Sri Lanka listed on the Colombo Stock Exchange. It is also a registered finance company and is licensed by the Central Bank of Sri Lanka. The rights issues enable the company to meet the regulatory Core Capital requirement of Rs. 200 million set out by the Central Bank.

“We are elated by the confidence that the shareholders have placed in the Company,” said a Company spokesperson.

“The Company’s efforts in restoring profitability, accomplishing credit quality, asset growth and overall improvement of the Balance Sheet have all been rewarded. Backed by the unstinted support of the shareholders, we are confident of taking the Company forward in all spheres of performance. We remain one of the few companies which carry on with the investment plan helping our valued clientele and also service the depositors of our obligations despite the turmoil in the industry.”

Arpico Finance is permitted to accept public deposits and also to open savings accounts in line with the recent amendments to regulations.

The Company is governed by various Statutes and Regulations pertaining to Finance Companies. The Company takes all steps to adhere to the highest level of ethical standards in keeping with its long unblemished history.

The Arpico Finance portfolio comprises hire purchase and lease for two wheelers, three wheelers and four wheelers, term loan, share trading, consumer durable loans, gold loan (pawn broking) and real estate.