Softlogic Finance surpasses Rs 5 bn in assets
Softlogic Finance is continuing to forge ahead with its aggressive
expansion strategy, recording its total assets at Rs 5.4 billion as at
May 31, 2011. With its asset base rising by over 185 percent from the Rs
2.9 billion that was recorded in September 2010, the company now
categorized as a “Large Financial Company” by the Central Bank, also
reported 100 percent growth in its public deposit base during the period
September 2010 to May 2011.
“Our intention is to expand Softlogic Finance to a prominent
position, that would stand amongst the top 5 companies in the financial
services sector within the next three years,” Softlogic Finance Chairman
Ashok Pathirage said. “We are planning to boost our current product
portfolio with several new products built around the concept of
convenient solutions, as well as to extend our branch network to several
more locations around the island over the next year,” he said.
Backed by the strength of the Softlogic Group, Softlogic Finance is
planning further support its expansion plans with a rights issue to
raise Rs 535 million. “We are aiming to increase our stated capital for
the year from the current Rs 468 million to above Rs 1 billion, which
will not only increase the company’s equity base but also fuel our
growth strategies,” Pathirage said.
He elaborated that the rights issue will offer existing shareholders
the privilege to buy 2 additional shares for every 5 ordinary shares
they own, at Rs 50 per share.
Softlogic Finance’s total deposit portfolio nearly doubled compared
with September 2010, passing the landmark of Rs 2 billion deposit
liabilities, in May 2011. |