Home
Register
The Central Bank said yesterday the second phase of restructuring of The Finance Company Plc was progressing to make it profitable.
In a statement, the Central Bank said in keeping with the direction issued by the Monetary Board at its meeting held on 26 May, the bank has continued the implementation of the second phase of restructuring of The Finance Company PLC (TFC). This was in order to further stabilise the company and move it to a profitable level, in terms of the provisions of the Finance Business Act No. 42 of 2011.
Already, a new Board of Directors has been appointed and a new business model has been implemented by the TFC under which the company is expected to broad base and rationalise its business activities.
At the same time, the Monetary Board has approved a long-term concessionary loan facility from the Sri Lanka Deposit Insurance and Liquidity Support Fund in order to support the liquidity requirements of TFC as per the envisaged new business model.
In that context, an agreement pertaining to the liquidity support facility was signed on 15 December by Chairman Dr. S.H.A.M. Abeyratne and Managing Director Aruna Lekamge of TFC, with the Central Bank of Sri Lanka. As a result, TFC is now expected to further consolidate its progress towards reaching a stable, sustainable and profitable level that would enable the company to attract new equity capital through a suitable future share issue.
The current Board of Directors of TFC are as follows: Dr. S.H.A.M. Abeyratne (Chairman), Sujeewa Rajapakse (Deputy Chairman/Non-Executive Independent Director), Aruna P. Lekamge (Managing Director), T.B. Ekanayake (Executive Director), R.D. Abeywickrama (Executive Director), Dr. Rohantha Athukorala (Non-Executive Independent Director) and Himalee Kularathna (Non-Executive Independent Director).
http://www.ft.lk/2014/12/17/the-finance-company-continues-second-phase-of-restructuring/
In a statement, the Central Bank said in keeping with the direction issued by the Monetary Board at its meeting held on 26 May, the bank has continued the implementation of the second phase of restructuring of The Finance Company PLC (TFC). This was in order to further stabilise the company and move it to a profitable level, in terms of the provisions of the Finance Business Act No. 42 of 2011.
Already, a new Board of Directors has been appointed and a new business model has been implemented by the TFC under which the company is expected to broad base and rationalise its business activities.
At the same time, the Monetary Board has approved a long-term concessionary loan facility from the Sri Lanka Deposit Insurance and Liquidity Support Fund in order to support the liquidity requirements of TFC as per the envisaged new business model.
In that context, an agreement pertaining to the liquidity support facility was signed on 15 December by Chairman Dr. S.H.A.M. Abeyratne and Managing Director Aruna Lekamge of TFC, with the Central Bank of Sri Lanka. As a result, TFC is now expected to further consolidate its progress towards reaching a stable, sustainable and profitable level that would enable the company to attract new equity capital through a suitable future share issue.
The current Board of Directors of TFC are as follows: Dr. S.H.A.M. Abeyratne (Chairman), Sujeewa Rajapakse (Deputy Chairman/Non-Executive Independent Director), Aruna P. Lekamge (Managing Director), T.B. Ekanayake (Executive Director), R.D. Abeywickrama (Executive Director), Dr. Rohantha Athukorala (Non-Executive Independent Director) and Himalee Kularathna (Non-Executive Independent Director).
http://www.ft.lk/2014/12/17/the-finance-company-continues-second-phase-of-restructuring/
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?