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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Multi Finance completes Rs.350 m Asset-backed Securities Issue

Multi Finance completes Rs.350 m Asset-backed Securities Issue

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Multi Finance PLC (MF PLC), a fast-growing Central Bank licensed finance company and a listed Company on the Colombo Stock Exchange, has announced its first successful private offering of an asset-backed securities issue of Rs. 350 million.

The core objective of this issue was to finance its new lease and hire purchase portfolio as part of MF PLC_s growth strategy.

MF PLC firmly believes that this process provides effective medium term funding which in turn allows for very attractive medium term return for investors. This transaction was arranged by Investrust Capital Ltd., (formerly known as Investec Capital (Private) Limited), a boutique investment banking institution and a provider of integrated capital markets and strategic corporate services.

Seylan Bank PLC has been appointed as trustee to manage the Trust.

The Group Executive Director/CEO of MF PLC A H M Riyaz said, “we are pleased that, together with Investrust Capital and Seylan Bank we are able to access alternative sources of capital market funding.

This issue is not only increases the amount of capital available for disbursement, but it is an important indicator of the strength of our assets and the durability of our business model.

Our continuing ability to access low cost capital in the public and institutional markets gives us considerable competitive advantage to build shareholder value.”

MF PLC, which became a member of the Entrust Group in 2008, is a Central Bank Licensed finance company under the Finance Business Act No 42 of 2011. MF PLC having over 38 years of experience in the finance industry engages in deposit mobilization, leasing & hire purchase of motor vehicles, pawning and also providing other loans. The company obtained its official listing on the Diri Savi board of the Colombo Stock Exchange in year 2011. The company made its visible presence in selected markets and it operates a wide branch network around the country to gain access to the potential market opportunities in different regions.
http://www.dailynews.lk/2012/07/12/bus02.asp

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