Commercial Leasing to raise Rs. 5 b via debentures

Commercial Leasing and Finance PLC has announced the raising of a maximum of Rs. 5 billion via listed debentures.

It will issue 30 million listed, rated, senior, unsecured, redeemable debentures at Rs. 100 each with an option to issue further 10 million debentures each in the event of an oversubscription at respective stages. 

The official opening of the debenture issue is 17 September but subscriptions can begin from tomorrow. 

Managers to the issue are First Capital Ltd., and registrars to the issue are SSP Corporate Services Ltd.

The previous debenture issue from the company was in 2015, offering a five-year instrument and raised Rs. 5 billion. 

In the first quarter of FY21, the Profit Before Tax of Commercial Leasing and Finance PLC was Rs. 111 million, down by 67% from a year earlier, largely on account of COVID-19 impact. 

Net Lending Portfolio of the company however rose by Rs. 2 billion to Rs. 54 billion. Interest Income for 1Q of FY21 was down by 7% to Rs. 2.9 billion from a year earlier. 

Assets as at 30 June were Rs. 74.3 billion, as against Rs. 68.7 billion a year earlier. Liabilities amounted to Rs. 55.2 billion, as against Rs. 51 billion.

In the full 2019/20 Financial Year, Net Interest Income was Rs. 6.6 billion, down from Rs. 7.4 billion in the previous year. Pre-Tax Profit was Rs. 1.99 billion, as against Rs. 2 billion in FY19.