Richard Pieris Group says Rs. 1 b invested as capital in subsidiary finance company

Friday, 23 October 2020 00:12 - - {{hitsCtrl.values.hits}}

RPG Chairman Dr. Sena Yaddehige

Richard Pieris Group (RPG) said yesterday it has invested Rs. 1 billion into the capital of its subsidiary finance company.

In a statement RPG said it recently invested Rs. 650 million in Tier I and Tier II capital of Richard Pieris Finance Ltd. A further investment of Rs. 350 million has also been made in in order to strengthen the capital.

These infusions have brought the total Tier I and Tier II capital investment in Richard Pieris Finance Ltd. during the current financial year to Rs. 1 billion, and cumulative capital investment to Rs. 2.2 billion.

The statement said due to the outbreak of COVID-19, Richard Pieris Finance Ltd. granted a moratorium for a lending portfolio amounting to Rs. 10 billion to SME and individual customers at a concessionary rate as directed by the Central Bank of Sri Lanka.

This moratorium marginally impacted the capital adequacy ratios of Richard Pieris Finance, which has been considered in the new capital infusion by the Group.

Another key SBU in the financial services sector of the Group is Arpico Insurance Ltd., which had won the award as the fastest growing life insurance company in Sri Lanka consecutively for two years.

As per published information, the parent company of the Group, Richard Pieris & Company PLC is also one of the top 10 largest shareholders of NDB Bank, which highlights the commitment of Richard Pieris Group to the financial services sector of the country.

With a heritage of 88 years, Richard Pieris Group has an asset base of Rs. 72 billion. As an economic powerhouse with more than 50 factories spread across the country, Richard Pieris Group is a key stakeholder in fuelling the economy of the country.

The Group also has the pride of being the largest tea and rubber producer in the country. As one of the largest exporters, bringing millions of dollars to the country from more than 35 countries, its subsidiary Richard Pieris Natural Foams Ltd. has an exceptional track record of being crowned as the most outstanding exporter of the year.

Richard Pieris Group also runs the only hyper market chain in the country well known as Arpico Super Centres which offer the largest and unmatched range of goods under one roof to its valued customers.