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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » THE FINANCE COMPANY PLC (TFC.N0000)

THE FINANCE COMPANY PLC (TFC.N0000)

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1THE FINANCE COMPANY PLC (TFC.N0000) Empty THE FINANCE COMPANY PLC (TFC.N0000) Sun Feb 24, 2019 11:23 pm

Gihan04


Stock Trader
Guys, Any idea about TFC? I have over 25 000 shares  Sad Sad Sad

2THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Mon Feb 25, 2019 7:13 am

wisdom79

wisdom79
Vice President - Equity Analytics
Vice President - Equity Analytics
You have won. You will get a good news in future!!!!

3THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Mon Feb 25, 2019 1:01 pm

Gihan04


Stock Trader
Seriously??

4THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Mon Feb 25, 2019 1:02 pm

Gihan04


Stock Trader
Seems they are going to bankrupt.????????

5THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Mon Feb 25, 2019 1:28 pm

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Net Asset Value per Share  minus (Rs.106.50) per share, if you have 100 shares you owe the company Rs. 10,650/=
be careful.

6THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Mon Feb 25, 2019 2:38 pm

dmtmadusanka


Senior Equity Analytic
Senior Equity Analytic
If they can’t find new investor. They will go for liquidation. But any share holders would not be liable for paying minus net value per share to company.

7THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Tue Feb 26, 2019 7:30 am

Gihan04


Stock Trader
Ohh I see. Thank you guys

8THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Wed Mar 13, 2019 9:45 am

Gihan04


Stock Trader
Any good news?

9THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Fri Apr 19, 2019 12:42 am

Gihan04


Stock Trader
Any news regarding TFC???? Shocked Shocked Shocked

10THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Sat Apr 20, 2019 2:30 pm

Uaecoindubai

Uaecoindubai
Manager - Equity Analytics
Manager - Equity Analytics
book will be closed very soon. investors to www.sorry.com

11THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Tue May 14, 2019 9:21 pm

Gihan04


Stock Trader
Seems TFC back in the market though there are no trading activities. Does anyone know anything about this??????  Shocked Shocked Shocked

12THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Wed May 15, 2019 10:34 am

Uaecoindubai

Uaecoindubai
Manager - Equity Analytics
Manager - Equity Analytics
one day you will get nothing on TFC. i mean you will be zero. as i said earlier 8 finance companies to be closed. be careful

13THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Thu May 16, 2019 11:58 pm

Gihan04


Stock Trader
Ohhhhhh. I have 25000 shares of TFC.  Shocked Shocked Shocked affraid affraid affraid

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
ශ්‍රී ලංකා මහ බැංකුවේ මුදල් මණ්ඩලය විසින් මුදල් ව්‍යාපාර පනත යටතේ පැවරී ඇති බලතල අනුව තැන්පත්කරුවන්ගේ සහ අනෙකුත් ණයහිමියන්ගේ යහපත සුරක්ෂිත කිරීම සඳහා 2019 ඔක්තෝබර් 23 දින සිට බලපැවැත්වෙන පරිදි ද ෆිනෑන්ස් කම්පැනි පීඑල්සී ආයතනය වෙත නිකුත් කර ඇති බලපත්‍රය අවලංගු කිරීමේ දැන්වීම නිකුත් කිරීමට තීරණය කරන ලදී.
මෙහිදී මහ බැංකුව වැඩිදුරටත් කියා සිටියේ, ද ෆිනෑන්ස් කම්පැනි පීඑල්සී ආයතනයට සහ ශ්‍රී ලංකා මහ බැංකුවට සලකා බැලීම සඳහා ප්‍රාග්ධනය ගෙන ඒමට අවශ්‍ය අරමුදල් විශ්වසනීය තහවුරුවක් සමඟින් කැමැත්ත පලකිරීමේ ලියවිලි මෙන්ම ආයතනය ප්‍රතිව්‍යුහගත කිරීම සඳහා සැලැස්මක් ඉදිරිපත් කිරීමට ඕනෑම විශ්වසනීය ආයෝජකයෙකුට තවමත් හැකියාව ඇති බවයි.
මේ සම්බන්ධයෙන් ඊයේ (25) දිනයේ දී නිවේදනයක් නිකුත් කිරීමට ද ෆිනෑන්ස් කම්පැනි පීඑල්සී පියවර ගෙන ඇත. එහිදී ඔවුන් පවසන්නේ මේ වන විට ආයෝජකයින් තිදෙනෙකු වෙත මෙම යෝජනා ගෙන ගොස් ඇති බවත් සමාගමේ බලපත්‍රය ලැබීම මත එම ආයෝජකයින්ගේ කටයුතු කිරීම සලකා බැලීමට පියවර ගනු ඇති බවත්ය.
මෙහිදී වැඩිදුරටත් ද ෆිනෑන්ස් කම්පැනි පීඑල්සී පවසන්නේ දේශීය මෙන්ම විදේශීය ආයෝජකයින් සමඟ ද සමාගමට ආයෝජනයන් ගෙන ඒම සම්බන්ධයෙන් සාකච්ඡා සිදුකරමින් පවතින බවයි.
ද ෆිනෑන්ස් කම්පැනි පීඑල්සී ආයතනයේ නැවත පිබිදීම මුළුමනින්ම රඳා පවතින්නේ ආයතනයේ හිමිකම් ප්‍රාග්ධනයේ ආයෝජනය කිරීමට කැමැත්තක් දක්වන මෙන්ම පිළිගත හැකි මට්ටමේ ආයෝජකයෙකු මත පමණක් බව මහ බැංකුවේ මුදල් මණ්ඩලය මතය වී තිබේ.
සිය බලපත්‍රය අවලංගු කිරීමෙන් වළකින ලෙසත්, ‘අවලංගු කිරීමේ නිවේදනය‘ දින 60 කින් දීර්ඝ කරන ලෙසත් ද ෆිනෑන්ස් අධ්‍යක්ෂ මණ්ඩලය මෙහිදී මහ බැංකුවෙන් ඉල්ලා සිටී. මේ සම්බන්ධයෙන් ද ෆිනෑන්ස් කම්පැනි පීඑල්සී විසින් නිකුත් කරන ලද නිවේදනය පහතින් දැක්වේ.

15THE FINANCE COMPANY PLC (TFC.N0000) Empty THE FINANCE COMPANY PLC (TFC.N0000) Wed Nov 27, 2019 12:29 pm

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
Troubled The Finance company PLC (TFC) yesterday (25) noted that the company has been approached by 03 interested parties to consider an investment in the finance firm, if a Banking License could be obtained.
“Since publication of the "Notice of Cancellation", TFC was approached by 03 interested parties to consider an investment on the basis Banking License could be obtained with the sufficient investment," the firm said in a stock exchange filling.
The Monetary Board of the Central Bank on October 23, 2019 issued a Notice of Cancellation of licence on TFC due to the severe liquidity crisis faced by the company.
However, The Board of Directors of TFC submitted its objection on 14th November 2019 for the "Notice of Cancellation" issued on TFC under the provision made in section 37 of FBA, which the company deem to consider as unessential, as it was facilitating the potential investors locally and overseas and some discussions with potential investors were ongoing.
Hence, the Board of Directors of TFC has requested CBSL to re-consider the notice of 30 days and avoid any License Cancellation and request 60 days of extension from the date of issuance of ,,Notice of Cancellation", while assisting the finance company to finalize the investors soon after the existed political situation settles.
“After the expiry of 60 days from the date of the Notice of Cancellation and after considering the objections, the Monetary Board may withdraw such notice of cancel the licence issued to TFC,” the Central Bank said.
Source- Adaderana

16THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Wed Nov 27, 2019 8:08 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Miss-Sangeetha wrote:
Troubled The Finance company PLC (TFC) yesterday (25) noted that the company has been approached by 03 interested parties to consider an investment in the finance firm, if a Banking License could be obtained.
“Since publication of the "Notice of Cancellation", TFC was approached by 03 interested parties to consider an investment on the basis Banking License could be obtained with the sufficient investment," the firm said in a stock exchange filling.
The Monetary Board of the Central Bank on October 23, 2019 issued a Notice of Cancellation of licence on TFC due to the severe liquidity crisis faced by the company.
However, The Board of Directors of TFC submitted its objection on 14th November 2019 for the "Notice of Cancellation" issued on TFC under the provision made in section 37 of FBA, which the company deem to consider as unessential, as it was facilitating the potential investors locally and overseas and some discussions with potential investors were ongoing.
Hence, the Board of Directors of TFC has requested CBSL to re-consider the notice of 30 days and avoid any License Cancellation and request 60 days of extension from the date of issuance of ,,Notice of Cancellation", while assisting the finance company to finalize the investors soon after the existed political situation settles.
“After the expiry of 60 days from the date of the Notice of Cancellation and after considering the objections, the Monetary Board may withdraw such notice of cancel the licence issued to TFC,” the Central Bank said.
Source- Adaderana


Sri Lanka regulator disputes reports of investor interest in The Finance Co. banking license
Wednesday November 27, 2019 17:17:04
ECONOMYNEXT – Sri Lanka’s Central Bank has called out reports that The Finance Company was in talks with three investors keen to acquire its banking license by injecting funds to revive the firm, as ‘not true and correct’.

The Finance Co. (TFC) earlier this week said in a stock exchange filing that it had asked the Central Bank for more time to negotiate with investors after the regulator issued the cancellation notice.

“Since publication of the ‘Notice of Cancellation’, TFC was approached by three interested parties to consider an investment on the basis the banking license could be obtained with sufficient investment,” the troubled sub-prime lender said in a statement earlier this week that was published in the media

However, the Central Bank on Wednesday questioned the credibility of the statement and denied any knowledge of the three investment proposals.

“Even though aforementioned news articles mentioned that TFC informed the Colombo Stock Exchange that it has been approached by three interested parties to consider investing in the company, no such proposals have been submitted to the CBSL, so far,” the Department of Supervision of Non-Bank Financial Institutions said.

“Therefore, CBSL wishes to clarify that the information published in the articles in newspapers and news websites regarding any potential investments is not true and correct.”

The central bank last month said it had decided to cancel the license of The Finance Co from 23rd October 2019, after failing to find an investor to revive the troubled finance company, with the aim of safeguarding the interests of depositors and other creditors.

“TFC is continuing to facilitate potential investors locally and overseas. Some discussions with potential investors are continuing,” TFC said in its statement to the stock exchange.

TFC had 27.7 billion rupees in deposits at the end of June 2019. Its loan book was 3.7 billion rupees. The firm had 10.8 billion rupees in assets to its liabilities of 30.9 billion rupees.

A crisis in the Ceylinco Group in 2008 hit TFC with a severe liquidity shortage.

SEE ALSO
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Sri Lanka replaces VAT, NBT with 8-pct tax, ESC, withholding tax on interest removed: Bandula

Sri Lanka Treasuries yields edge up at auction

Sri Lanka food industries should disclose risks promptly: Health official

Maldives Islamic Bank raises US$15.8mn in IPO backed by Sri Lanka' NDBIB



Several attempts in the past to attract a potential investor to restructure the company did not materialize to a satisfactory level.

The Central Bank’s statement is as follows:

Regulatory actions taken by the Central Bank of Sri Lanka on The Finance Company PLC

The attention of the Central Bank of Sri Lanka (CBSL) has been drawn to certain information published in newspapers and news websites on 26th November 2019 regarding the regulatory actions taken by the CBSL on The Finance Company PLC (TFC) and it wishes to clarify the following.

The CBSL issued a notice of cancellation of the license granted to TFC to carry on finance business under the Finance Business Act No. 42 of 2011 (FBA) on 23rd October 2019. The CBSL also informed that in terms of the provisions of the FBA, the company has the right to submit an acceptable proposal for investment in TFC along with proof of funds for capital infusion and a Business Restructuring Plan for the consideration of the CBSL within 30 days from the date of issuance of such notice.

Even though aforementioned news articles mentioned that TFC informed the Colombo Stock Exchange (CSE) that it has been approached by three interested parties to consider investing in the company, no such proposals have been submitted to the CBSL, so far.

Therefore, CBSL wishes to clarify that the information published in the articles in newspapers and news websites regarding any potential investments is not true and correct.

In view of the above, the CBSL wishes to inform that in terms of the FBA, the Monetary Board shall take a decision on the notice of cancellation issued to TFC after the expiration of 60 days from the date of notice of cancellation.

(COLOMBO, 27 November 2019)

17THE FINANCE COMPANY PLC (TFC.N0000) Empty Re: THE FINANCE COMPANY PLC (TFC.N0000) Mon May 25, 2020 10:02 am

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Cancellation of the licence of ‘The Finance Company PLC’ businesstribune.lk/2020/05/24/can… #BusinessNews #LKA #BankingNews #TheFinance #FinancialNews #Investments


The Finance Company PLC (TFC), is a Finance Company, carried its finance business activities under the Finance Business Act No. 42 of 2011 (FBA) and was severely impacted by the failure of a number of financial institutions within the Ceylinco Group in 2008. Since then, the financial status of the company deteriorated gradually, leading to a severe liquidity crisis.
All efforts made to revive the company through different strategies have failed and the continuity of current status will be further detrimental to the interest of the depositors and other stake holders of the company. Further, the depositors of TFC were unable to withdraw their money over the last fifteen months. 
As previously informed by the Press Release dated 23rd October 2019, The Monetary Board of the Central Bank of Sri Lanka (MB) issued a Notice of Cancellation (NOC) of the finance business licence issued to TFC, in terms of the powers vested under the FBA, with effect from 23rd October 2019, in order to safeguard the interests of the depositors and other stakeholders of TFC.
TFC had failed to tender a valid objection to the MB against such NOC within the stipulated time in terms of the provisions available in FBA. Accordingly, licence of TFC can be cancelled after 21st December 2019 onwards in terms of the FBA. However, upon the request of the company, the MB allowed TFC to call for a fresh round of Expression of Interests to Department of Supervision of Non-Bank Financial Institutions 22nd May 2020
identify a credible investor with valid proof funds and a viable business restructuring plan to revive the operations of the company but TFC failed to identify such investor up to date.
Therefore, the MB decided to cancel the finance business licence issued to TFC, in terms of the FBA with effect from 22nd May 2020. Accordingly, TFC is not permitted to engage in Finance Business under the FBA with effect from such date.
Further, the Director of the Department of Supervision of Non- Bank Financial Institutions of the Central Bank of Sri Lanka (CBSL) has decided to cancel the Certificate of Registration of TFC as a Registered Finance Leasing Establishment under the provisions of the Finance Leasing Act No. 56 of 2000.
The Sri Lanka Deposit Insurance and Liquidity Support Scheme of the CBSL will take necessary actions to pay compensation to the insured depositors under the applicable laws and regulations which would facilitate to settle 93% of the company’s total depositors in full (135,100 depositors out of 145,172 total depositors), while each of the remaining 7% depositors (10,072 depositors) will also receive Rs.600,000/-as a part of their deposit amount and the remaining balance may be able to recover in the process of liquidation subject to the priority of claims. Further information regarding the payment of compensation will be communicated in due course.
For further clarifications;

InstitutionPurposeTelephone
Numbers
Email addresses
Department of Supervision of Non-Bank Financial InstitutionsCancellation of the licence011 2477573
011 2477229
011 2477504
snbfi_query@cbsl.lk
Resolution and Enforcement DepartmentPayment of compensation under Deposit Insurance011 2398788 dred@cbsl.lk
The Finance Company PLCDeposits011 2557888
011 2580210
 info@thefinance.lk
 Pawning Advances obtained from the company071 1359248 
 Other facilities obtained from the company071 4086248
071 1864361

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