The Finance says willing parties could still consider investing

The Finance Company PLC (TFC) yesterday said that willing parties can still consider investing in the company as a private placement of shares.

This is however subject to Central Bank approval, and the Colombo Stock Exchange approving in principle the issue and listing of shares and obtaining existing shareholders’ approval, by way of a special resolution at a General Meeting.

The latest update on TFC was disclosed by the Company to the CSE yesterday, expanding on its original 25 November disclosure on the regulatory action imposed by the Central Bank on the company, with regard to the Notice of Cancellation issued on 23 October in accordance with the powers vested to the Monetary Board by the Finance Business Act (FBA) No. 42 of 2011.

TFC said the Notice of Cancellation has been received by The Finance Company on 23 October and the license has not yet been cancelled.

“There are inquiries by interested parties to consider an investment with the company and they are at an early stage, and upon successful submissions it has to go through the Board of Directors of TFC and CBSL approval process,” the disclosure said. 

It said to make the inquiries effective, the company is following due process with the parties who have brought the inquiries, to bring the discussions to successful investment.