Capital Reach raises Rs. 181 Mn
Capital Reach Leasing PLC has raised Rs. 181 million from a
securitization of Lease and Hire Purchase receivables.
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Chairman Capital Reach Leasing Mayura Fernando (Left) signs the
Trustee Agreement with ,Director, Head Trust and Securities
Services of the Deutsche Bank Tyrone Hannan. Head Trust and
Securities Operations Deutsche Bank, Ravi Goonatilleke, Managing
Director Capital Reach Leasing, Nalin Wijekoon and CEO Liege
Capital Maduranga Jayasundara look on. |
A range of investors have invested in the securitization and the
Deutsche Bank has been appointed to be the trustee. This is the sixth
securitization of receivables by the Company and a total amount of over
Rs. 800 Mn has been raised by Capital Reach Leasing PLC over the last
three years from this source of funding. The proceeds of this round too
will be used to expand the lending activities of the Company.
"Our focus is on good lending. The falling interest rates will help
us to offer good rates and attract a set of customers with a lower risk
profile" said the Chairman of Capital Reach Leasing Mayura Fernando.
Operating through a branch network of eight branches and the head
office in Colombo Capital Reach Leasing has grown its lending portfolios
over five times in three years.
Despite this growth the Company has maintained the quality of its
lending portfolios maintaining a very healthy Non Performing loan ratio
of less than 3 percent.The lending portfolio of Capital Reach Leasing
has grown by 16 percent during the last financial year.
The Company places high importance to the growth potential of the
lending through the branch network.
Managing Director of the Company Nalin Wijekoon said "the potential
of the branch network is still being developed and the eight branches
that became active in 2005 are now on a high growth cycle".
He also said that development activities in the North and East "Uthuru
Vasanthaya" and Negenahira Navodaya" will generate a lot of business
opportunities for the Leasing Industry. Capital Reach Leasing PLC is a
Registered Finance Company and the Company listed their shares on the
Colombo Stock Exchange earlier in the year. |
