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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Commercial Credit to sell 20-pct debentures

Sri Lanka Commercial Credit to sell 20-pct debentures

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sriranga

sriranga
Co-Admin
Commercial Credit PLC, incorporated in October 1982 and registered under the Monetary Board of Central Bank of Sri Lanka under the Finance Companies Act No. 78 of 1988 and registered under the Finance Business Act No. 42 of 2011, intends to raise a sum of Rs. 250 million through its listed debenture issue.

The issue will be open in early January 2013.

The company provides financial solutions in the areas of microfinance, leasing, hire purchase, short term loans, pawn broking etc.

Managers and registrars to the issue is the Merchant Bank of Sri Lanka PLC’s Corporate Advisory and Capital Markets Division. Merchant Bank of Sri Lanka, incorporated in March 1982, is the pioneer investment/merchant Bank in Sri Lanka and was quoted on the Colombo Stock Exchange in 1991.

The bank’s largest shareholder is the Bank of Ceylon which holds a strategic stake of 72% and in 2005 entered a strategic alliance with SBI Capital Markets Limited, which is the largest investment bank in India.

The money raised from this issue will be utilised to comply with the regulations of the Central Bank of Sri Lanka by improving the Tier 2 ratio and to improve the fund inflow and thereby undertake the strategic developments.

The issue comes with an option to increase the sum up to Rs. 500 million in the event of an over subscription by issuing unsecured subordinated redeemable debentures. Each has a face value of Rs. 100.

The instrument has been rated a long term rating of BB by RAM Ratings, providing an opportunity to the investors to invest their money in fixed and floating rate debentures varying from 3-5 year maturity period to get an attractive rate of over 17%, annual effective rate (AER).

The company announced unaudited earnings results for the six months ended 30 September 2012. For the six months, the company reported a net interest income of Rs. 1.16 billion against Rs. 723.2 million a year ago.

Net profit was Rs. 270.3 million or Rs. 2.48 per basic annualised earnings per share against Rs. 265.5 million or Rs. 2.44 per basic annualised earnings per share a year ago.

During 2012, the company had optimised the country’s economic benefits and increased its total assets value up to Rs. 12.02 billion (as at 30 September 2012, unaudited), a growth of 39% compared to 2011’s value of Rs. 7.37 billion (as at 30 September 2011) .
http://www.ft.lk/2012/12/05/commercial-credit-goes-for-rs-500-m-debenture/

http://sharemarket-srilanka.blogspot.co.uk/

cbsl


Stock Trader

Sri Lanka Commercial Credit to sell Rs500mn in bonds


Dec 21, 2012 (LBO) - Sri Lanka's Commercial Credit and Finance Plc will sell debentures to raise 500 million rupees, which will be listed in the Colombo Stock Exchange.


The CSE said the firm has been given the nod to sell 2.5 million unsecured, subordinated debentures and upsize the issue by another 2.5 million if the first tranche is oversubscribed
The sale opens on January 23, next year and sale documents would be made available from January 01.

Listed debentures were made free of withholding tax from next year sparking interest from many firms.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Jan 21, 2013 (LBO) - Commercial Credit and Finance Plc, is selling 250 million rupees of 20 percent debentures with an option to sell further 250 million rupees worth if there is strong demand, managers to the issue said.

Merchant Bank of Sri Lanka, which is managing the sale said, interest will be paid quarterly giving an annual effective rate of 21.55 percent.
The debenture will be listed and free of withholding tax as announced in the budget for 2013.

Commercial Credit will be the first company to sell debentures under the new tax break.

The company reported net interest income of 1.16 billion rupees, during the six months to September 2012, up from 723.2 million rupees a year earlier, the Merchant Bank said.

Profit for the six months was 270.3 million rupees and the firm had gross assets of 12 billion rupees.
http://lbo.lk/fullstory.php?nid=651603377

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This is a crap decision. Why u need money which cost 20%......I dont see any investment to generate above 35% other than Micro finance. Hope they will do it.....................Still they have the time to stop this at least after my post here.........lol......

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