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Richard Pieris Group invests Rs. 1Bn in Richard Pieris Finance Ltd

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Oct 26, 2020 (LBO) - Richard Pieris Finance Ltd is a member of the Richard Pieris Group, a diversified conglomerate with a workforce of 28,000 employees, the Group has recently invested 650 million rupees in Tier I and Tier II capital of Richard Pieris Finance Ltd, the group announced. 

A further investment of 350 million rupees has also been made in Richard Pieris Finance Limited this week in order to strengthen the capital, bringing the total Tier I and Tier II capital investment in Richard Pieris Finance Limited during the current financial year to 1 billion rupees, and cumulative capital investment to 2.2 billion rupees.

Another key SBU in the financial services sector of the Group is Arpico Insurance Limited which had won the award as the fastest growing life insurance company in Sri Lanka consecutively for two years.As per published information, the parent company of the Group, Richard Pieris & Company PLC is also one of the top ten largest shareholders of NDB Bank which highlights the commitment of Richard Pieris Group to the financial services sector of the country.

With a heritage of 88 years, Richard Pieris Group has an asset base of Rs.72 Billion. As an economic powerhouse with more than 50 factories spread across the country, Richard Pieris Group is a key stakeholder in fueling the economy of the country. The Group also has the pride of being the largest tea and rubber producer in the country. As one of the largest exporters, bringing millions of dollars to the country from more than 35 countries, its subsidiary Richard Pieris Natural Foams Ltd has an exceptional track record of being crowned as the most outstanding exporter of the year. 

Richard Pieris Group also runs the only hyper market chain in the country well known as Arpico Super Centres which offer the largest and unmatched range of goods under one roof to its valued customers. 

Due to the outbreak of COVID-19, Richard Pieris Finance Ltd granted a moratorium for a lending portfolio amounting to Rs. 10 Billion to SME and individual customers at a concessionary rate as directed by the Central Bank of Sri Lanka. This moratorium marginally impacted the capital adequacy ratios of Richard Pieris Finance Limited, which has been considered in the new capital infusion by the Group.

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