NLF gets ‘green light’ for rights issue

Nation Lanka Finance (NLF) PLC, a public quoted company since 1993 and a specialized leasing company under the supervision of the Central Bank of Sri Lanka since 2005 reached yet another milestone, when it received unanimous support from its shareholders for a “Rights Issue” at its recently concluded EGM, a spokesman for the company said.

The rationale for the “Rights Issue” was to raise Rs. 240 million which will be channelled towards the working capital of the Company, to be utilized to expand business operations, mainly in their core activities of leasing and credit.

The fact that Nation Lanka Finance shares have been actively traded in the recent past, where it peaked to a high of Rs. 30/25 in October and has maintained steady averages since is an indication that this issue will be a success, the spokesman said.

Offered on a 1:1 basis to existing shareholders and priced at Rs. 12, investors said that this offer has been well timed as it also coincides with the current all-round upward trend witnessed in the share market.