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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » TFC in preliminary discussions for capital infusion, nothing confirmed says Chairman

TFC in preliminary discussions for capital infusion, nothing confirmed says Chairman

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Mario Andree

The Finance Company PLC (TFC) is in preliminary stages of discussions for a capital infusion and its chairman said the stock exchange would be notified no sooner a deal was finalised.

On the heels of a controversial deal with the National Savings Bank, TFC is looking for fresh capital to support its future plans and currently the institution is undergoing a restructuring phase and has appointed two new directors to the board.

TFC Chairman Preeti Jayawardena told The Island Financial Review that the company was at the preliminary stages of discussing a capital infusion into the company and refused to divulge any additional information.

According to him the Central Bank was notified of a possible capital infusion, however the Colombo Stock Exchange has not been given any information.

He said the Colombo Stock Exchange was not given notice of a possible capital infusion as the discussions were in preliminary stages. Few investors were looking at the company just as the National Savings Bank eyed opportunities previously.

He assured that the Colombo Stock Exchange would be notified when everything was in place and said it was not mandatory to disclose any information to the CSE as it was still in the early stages of discussions.

Commenting on several articles and a paid advertisement published recently, he said those were only company plans which the Central Bank was aware of.

The two new directors (Aruna Lekamge and Ms. Cherille Rosa) who had been appointed after the National Savings Bank -The Finance Company fiasco are expected to support the company take the next leap. According to him former director who was involved in the controversial deal, Raynor Silva, has never sat on any board meetings despite being appointed a director.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=59675

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