Nation Lanka Finance to Explore Fresh Capital Infusion, Locally and Internationally

Despite challenges, Nation Lanka Finance PLC is currently exploring opportunities both locally and overseas for potential partnerships and mergers where capital infusion, technical expertise and financial muscle for new credit lines and opportunities can be sourced. “Facilitating sustainable growth for the Company, on a solid financial footing is the highest priority of the Board” says the non-executive chairman of the board Victor Ramanan, in the annual report 2018/2019. The Board has also embarked on a five year corporate plan with the aim of consolidating the business and its capital base, as well as offering new products to the market. However, the implementation of this plan is dependent on the company’s capital direction and in the coming financial year. Moreover ,the company will refocus its strategy on asset backed lending products, including real estate lending and plan to strengthen micro financing and SME sector lending,  Ramanan added. Status of Compliance During the current financial year, the Management of Nation Lanka Finance PLC’s main objective has been to align itself with Central Bank directives and regulatory guidelines, whilst ensuring business continuity and growth to safeguard stakeholder interest. The new capital requirement directive issued by the Central Bank of Rs. 1.5 billion as at 1 January 2019, posed a challenge for the company. However, the Company managed to raise over Rs. 600 million in capital through a rights issue to bridge this gap, ensuring the company remains satisfactorily compliant throughout the first three quarters of the year with the Central Bank’s directive. The report added.

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