Sri Lanka’s ODEL Plc reaches agreement with three local banks to raise Rs. 5.4 billion through a syndicated loan
Sri Lanka’s ODEL Plc has reportedly stated that it had reached a deal with three banks to raise Rs. 5.4 billion to build a mall in the country’s capital Colombo.
The company in a filing at the Colombo stock exchange has state that the building will be constructed by Odel Properties One (Pvt) Ltd, which is a fully owned subsidiary of ODEL.
According to reports, the Hatton National Bank, Sampath Bank and the Bank of Ceylon have each committed Rs. 1.8 billion for the syndicated loan.
Reports further stated that the stock closed Rs. 24.10, unchanged.
OSL take:
The syndicated loan of Rs. 5.4 billion being raised by three Sri Lankan banks for a local company shows indicates the level of growth recorded by local companies as well as the ability of local banks to raise loan facilities to provide finances for businesses to grow. These are encouraging signs for foreign businesses/investors to invest in local companies or even set up operations in Sri Lanka.
| Article Code : | VBS/AT/20180615/Z_3 |