ETI Finance to get $ 100 m foreign equity investment to boost capital; CB approves deal

Friday, 29 January 2016 00:45 - - {{hitsCtrl.values.hits}}

ETI Finance Ltd., the parent company of Swarnamahal Financial Services Plc., is to receive $ 100 million (over Rs. 14 billion) in equity investment from Australia.

According to Swarnamahal Financial Services Plc, the Central Bank has approved the proposal to inject $ 100 million to ETI Finance Ltd., as share capital.

This capital injection is mandated to be completed by 28 February.

The foreign investment is expected to be from institutional investor/s from Australia, with whom the EAP Holdings under whose broader ambit comes both SFS and ETI, has strong links.

When foreign equity investment is infused, ETI/SFS will be one of the biggest and strongest capitalised finance companies in Sri Lanka.

The deal is part of the overall restructuring process of ETI and SFS as well as EAP Holdings began last year.