Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Tuesday, 21 May 2024 04:00 - - {{hitsCtrl.values.hits}}
Siyapatha Finance PLC, a subsidiary of Sampath Bank PLC and a prominent leader distinguished in Sri Lanka’s non-bank financial sector, has announced its decision to raise Rs. 4 billion through its debenture issue.
Siyapatha...
The Board of Directors of Siyapatha Finance PLC approved the decision to raise funds through the issuance of listed, rated, senior, unsecured, redeemable debentures on 6 March, 2024. The initial offering stands at Rs. 2 billion, with an option to extend by an additional Rs. 2 billion, bringing the total potential issuance to Rs. 4 billion. With a five-year tenure, these debentures are poised to offer investors at a fixed interest of 13.20% payable annually (AER 13.20%).
The proceeds from this issuance are apportioned for the expansion of Siyapatha Finance’s lending portfolio, highlighting the company’s commitment to fostering sustainable growth and strategic investment opportunities in alignment with its long-term vision.
Siyapatha Finance Managing Director Ananda Seneviratne said, “As Siyapatha Finance reaffirms its commitment to fostering financial inclusivity and driving economic growth in Sri Lanka, we’re confident that this will enable us to continue providing innovative and sustainable financial solutions to our valued customers.”
Established in 2005 and regulated by the Central Bank of Sri Lanka (CBSL), Siyapatha Finance has garnered and secured a reputation as a premier finance company, renowned for its commitment to excellence and customer-centric financial solutions. With a dedicated team of over 900 professionals, the company has expanded its footprint to encompass 48 branches strategically located across key urban centres and towns.
A listed entity on the Colombo Stock Exchange (CSE) for over a decade, Siyapatha Finance soon evolved into Sampath Bank’s largest subsidiary. Its diverse portfolio encompasses finance leasing, loans, gold financing, revolving loans, factoring and an array of other financial services. Fitch Ratings has affirmed Siyapatha Finance’s National Long-Term Rating at BBB+ (lka) with a Stable Outlook, endorsing the company’s solid financial standing with promising growth trajectory and the proposed senior, unsecured debenture is rated at the same level as its National Long-Term Rating, as it constitutes its direct, unconditional, unsecured and un-subordinated obligation.
