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| Sunday, 5 June 2005 |
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| News Business Features Editorial
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SMLL floats Rs.100 m debenture issue Seylan Merchant Leasing Limited (SMLL), the leasing specialist of the Seylan Merchant Bank (SMB) Group launched a new issue of four - year listed debentures to the value of Rs. 100 million, on the back of strong results posted by the SMB Group for the first quarter of 2005. In results released to the Colombo Stock Exchange this week, the Group reported a growth in post-tax profit of 21 per cent from Rs. 10.4 million to Rs. 12.6 million and a healthy growth in net interest income of 40 per cent, from Rs. 32.9 million to Rs. 45.9 million. The Managing Director of SMLL Rohan Senanayake said he was pleased with the results for the first quarter of 2005, especially with the growth in net income and net assets. In other key financial indicators, the earnings per share grew from Rs. 0.31 to Rs. 0.37 and the group's overall leasing portfolio grew from Rs. 2.3 billion in December last year to Rs. 2.5 billion for the recent quarter, a growth of 8.8 per cent. This growth in its leasing portfolio has promoted SMLL to raise a further 100 million for its leasing activities through the issue of unsecured, subordinated, redeemable debentures. Interest rates would range from 10.25 per cent with monthly interest payment for one year redemption, to 12.5 per cent with interest payment annually for four year redemptions. The debenture issue will open on June 10, and close on June 30. The debentures will be listed on the Second Board of the Colombo Stock Exchange. The minimum subscription is Rs. 10,000 with applications in excess required to be in multiples of Rs. 10,000. The trustee for the issue will be Deutsche Bank AG. |
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