Thursday, 24 October 2013 00:00
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Arpico Finance Company plc aims to raise Rs. 600 million via a listed and rated debenture issue.
The Colombo Stock Exchange (CSE) has approved in principle an application by Arpico Finance for listing of debt securities.
The Company said it will offer 3 million rated, unsecured, redeemable debentures at Rs. 100 each with an option to issue an equal further amount in the event of the initial figure is oversubscribed.
Arpico Finance’s debenture is open for subscription from 30 October whilst its official opening is 8 November.
Managers and registrars to the issue is Merchant Bank of Sri Lanka Plc.
With 62 years in the finance industry, Arpico Finance provides a wide range of financial products which comprises: Fixed Deposits, Hire Purchase, Leasing, Personal Loans, Corporate Loans, Real Estate Loans, Real Estate and Pawning.
In the quarter ended 30 June 2013, net interest income of Arpico Finance was Rs. 117.5 million, which was an increase of 113% over the corresponding quarter of the previous financial year. Total operating income grew by 65% to Rs. 127 million, whilst net operating income was Rs. 85.7 million up from Rs. 63.5 million.
The Company managed to post profits from operations amounting to Rs. 3 million in comparison to a loss of Rs. 1.4 million. After tax profit was Rs. 2 million as against a loss of Rs. 8.6 million in the June quarter of 2012.
The Company’s shareholders funds as at June 2013 amounted to Rs. 449.4 million, up from Rs. 446.5 million as at March 2013.Its net asset value per share is Rs. 100.72. Assets amounted to Rs. 5.07 billion as at June 2013, up from Rs. 4.6 billion in March 2013. Liabilities were Rs. 4.6 billion as against Rs. 4.1 billion as at 31, March 2013.
Alfinco Insurance Brokers holds 40.5% stake in Arpico Finance whilst Alliance Finance Co plc holds 19.5% stake.
