Nov 02, 2010 (LBO) – Sri Lanka’s Singer Finance Ltd is planning to raise 400 million rupees in an initial public offering by selling 25 percent of its shares to the public, a stock exchange filing said. Singer Finance has 106.6 million shares in issue and it will sell 26.6 million shares at 15 rupees a share, its parent Singer Sri Lanka said.
In 2009 the firm has posted an after tax profit of 42 million rupees and its deposits had grown 30 percent to 1.46 billion rupees, according to the last annual report of the parent.
Singer Finance had gross assets of 3.0 billion rupees and net assets of 480 million rupees by end 2009.
The firm finances capital goods and agricultural equipment sold by the parent and has branches in four provinces outside Colombo and also finances consumer durable sales. It had a ‘BBB(lka)’ in March 2010 with a ‘stable’ outlook.
Sri Lanka’s central bank has asked all registered finance companies to list by next year.