Softlogic Finance to infuse Rs. 1.9 Billion capital through a Rights Issue
Softlogic Finance PLC,a subsidiary of Softlogic Capital PLC has announced a capital infusion of Rs. 1.9 Billion by way of a Rights Issue. The Company will issue eight new shares for every five shares held by ordinary shareholders and the shares will be provisionally allotted to each shareholder at Rs 11.50 per share.
The Rights Issue will enable Softlogic Finance to pursue its innovative business strategy that will focus on a secured product mix. The company recently underwent an extensive restructuring of its top managementwith Mr.Priyantha Wijesekera taking over as Chief Executive Officer in March this year, and new appointments for several key management positions made. The new management team has an exemplary track record, and has beenhand-picked to craft and deliver the new journey of the Company.
The Companyis re-evaluating its product mix and services offering, and work is in progress to streamline systems and processes in a digital backdrop to prepare the company for a changing landscape, so the company may deliver a distinctive and easily accessible value proposition to its customers.
The capital commitment from the Softlogic Group underlines its commitment to the Softlogic brand that consumers all around Sri Lanka are familiar with and trust implicitly. Softlogic Finance enjoys this valuable franchise with customer deposits of Rs. 17.1Billion and customer advances of Rs. 18.2Billion. Total assets of the Company as at 31st March 2020 were Rs. 21.7Billion.
Softlogic Holdings PLC is known to be one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals, being present across; ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure. Softlogic Finance is a registered finance company under the Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.