Sri Lanka’s Singer Finance Rs. 1 billion debenture issue oversubscribed
Sri Lanka’s Singer Finance (Lanka) PLC has reportedly received a strong vote of confidence from investors with its recent Listed, Rated, Unsecured, Senior, Redeemable three year and five year, Rs. 1 billion debenture issue being oversubscribed.
The local media reported that the subscription closed on Wednesday (13) 2020 and the debenture issue is rated BBB (lka) by Fitch Ratings Lanka Limited).
According to reports, Singer Finance is a resilient and trusted financial institution with a diversified asset portfolio spanning across the country and is a 75% owned subsidiary of Singer ( Sri Lanka) PLC whose holding Company is one of Sri Lanka’s largest business conglomerates, Hayley’s PLC.
The successful subscription of this debenture is an attestation of the trust placed in the Company by investors, a report in a daily English newspaper stated.
Established in 2004 as a full service finance company engaged in the financing of capital goods, vehicles, agricultural equipment and mobilising of fixed deposits, Singer Finance operates across 35 branches island-wide. The company is also rated ‘BBB (lka) with a stable outlook by Fitch Ratings, and is ranked among the Top 25 Great Places to Work in Sri Lanka.
OSL take:
The over subscription of the debenture issue of Sri Lanka’s Singer Finance is indicative of the gradual growth in business interests and economic activities in the country. Sri Lanka’s stock market is also on a gradual recovery mode, which is also positive indication of an economy on a revival path. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20052020/Z_2 |