Nation Lanka Finance EGM

Nation Lanka Finance PLC will hold an Extraordinary General Meeting (EGM) tomorrow for management and shareholders.

The meeting will cover several issues including the company’s Rights Issue, which has already been announced on a 1:1 basis at Rs. 12 each. This move is expected to raise Rs. 240 million, which will be channelled to its working capital.

Nation Lanka Finance Chairman, N.B.S.B. Balalle said, “We feel the Rights Issue is at the appropriate time for Nation Lanka Finance, in its path to consolidation. We are confident of its success and encourage our shareholders to increase their holding in the company.” “The commitment and dedication shown by our Directors have been vital to the success of all our activities and I am grateful to them for their support and contributions,” he said.

Chief Executive Officer/Managing Director Nation Lanka Finance, Bede Fernando said, “The recent reduction in interest rates in the country and the consequent higher Return on Investment in real estate gives us a lucrative source of income for us.”

The company is working towards obtaining the Finance Company licence.

The company’s strengths lie in a number of fundamentally strong sectors of the economy covering financial services, real estate and property development all of which are intertwined with the national economy at large.

Nation Lanka Finance will also focus on consolidating its position, building corporate image and increasing transparency.

The company underwent a subdued financial year ending March 31, 2009 due to the high interest rates that prevailed alongside group related financial issues.