Nation Lanka Finance 'rights issue' fully subscribed

Nation Lanka Finance PLC's 'Rights Issue', which was issued on a 1:1 basis to existing shareholders to raise Rs 240 million, has been fully subscribed.

The infusion of this new capital towards the company's working capital will facilitate the expansion of its core activities of Leasing, Hire purchase and loans.

This will augur well for Nation Lanka Finance PLC's future growth.

Over 4,000 applications received prove the confidence the shareholders have placed in the company. The Management noted that it was very encouraging to note that the response from shareholders especially from the outstations, corporate sector and high net worth individuals was remarkable.

The company also plans in further expand its branch network, which presently stands at 12. The first such new branch is scheduled to be opened by March 2010 in Jaffna.

Obtaining the Finance Company License from the Central Bank is amongst the other plans the company has for further value addition to its current standing in the industry.

These successes together with the planned consolidation of Nation Lanka Finance place the Company in a higher league, in the Finance and Leasing sector.

This has already drawn the attention of large corporate institutions looking for strategic investments.