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| Tuesday, 29 June 2004 |
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The Finance launches Rs 500 m Debenture Issue The Finance Company Ltd has launched its Rs. 250 million five-year debenture issue with an option to increase it by a further Rs. 250 million in the event of over subscription. The Finance Company's Deputy Managing Director and CEO Mrs. Padmini Karunanayake told a media briefing on Friday that the objectives of this issue were two fold. "Firstly, to raise funds for property development, housing and commercial leasing activities, and secondly, to provide members of the public the opportunity of participating in an Unsecured Subordinated Redeemable Debenture Issue of TFC which is an investment opportunity in fixed income securities". General Manager Roshan Edogage said that these debentures were an attractive investment tool for investors since they offered three options for receiving interest - 11.25% per annum payable monthly, 12.50% per annum payable annually and 13.50% per annum payable at maturity. "These transferable debentures, which are not listed in the Colombo Stock Exchange, offer all investors a higher rate of interest and are backed by a Rs. 11.6 billion strong customer deposit base, the largest such base among finance companies in this country", Edodage added. A member of Ceylinco Consolidated, the Finance Company Ltd is backed by over 60 years of experience by Chairman Dr. Lalith Kotelawala. The Company, which has a current turnover of Rs. 04 billion, offers a wide range of services in the financial, real estate and housing sectors with market leadership in many products. The issue of debentures is the latest addition to its wide-ranging portfolio of innovative investment products. |
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