Prime Finance raises Rs.864mn capital by way of rights issue
The fully-subscribed rights issue of Prime Finance PLC has raised Rs.864 million capital in cash considerations.
The allotment was completed in July 2018. With this successfully completed rights issue, the core capital of Prime Finance PLC exceeded Rs.1.4 billion, which is well-above the regulatory threshold of Rs.1 billion stipulated by the Central Bank of Sri Lanka.
Prime Finance PLC is a member of the Prime group, which is the market leader in the real estate sector in Sri Lanka and has been awarded the Best Property Developer in 2018 at the Property Guru Asia Property Awards, recently.
Prime Finance PLC went for a rights issue of 43.2 million ordinary shares in the proposition of six shares for every five shares held at the price of Rs.20 per share, amounting to Rs.864 million. The enhanced core capital base would enable the company to strategically position itself to sustain the future growth and stability of the company.
Speaking of the overall progress of the company, Prime Finance PLC Chief Executive Officer Rasika Kaluarachchi said, “With the well-thought-out and clearly defined marketing strategy, our secured lending portfolio has grown steadily to reflect a remarkable growth together with impressive profit growth as well when compared with the previous year. The first quarter of this financial year ended on June 30, 2018 too has shown vibrant results. As a result of some important factors such as the sustainable business model, which is built on the synergistic capabilities of the group, the unique business acumen and expert direction given by a farsighted board of directors, coupled with utmost professional management team, Prime Finance PLC has succeeded.”
The Prime group, with over 22 years of service to the public of Sri Lanka and which prides itself on winning the much-coveted Great Place to Work award for the fourth consecutive year in 2018 and even going further to be named as one of Asia’s 100 Greatest Brands, is solidly behind Prime Finance PLC’S journey towards excellence. Strengthened by all these achievements, the overall strategies of Prime Finance PLC are well in place to move forward with confidence and to face any challenges in the future.