Singer Finance on mega expansion drive

Singer Finance (Lanka) Ltd. (SFLL) will increase the branch network to 24 by 2015, said Director/CEO, SFLL, Shantha Wijeweera addressing the IPO launch on Wednesday. He said the company will set up branches in the North and the East where there is scope for business expansion. SFLL will set up the first branch in Jaffna within the next six months.

SFLL was incorporated in 2004 with the objective of adding value to the operations of Singer Sri Lanka. The company has six regional branches and six service centres in addition to the use of the Singer Sri Lanka branch network of 345 sales outlets.

Singer Finance will issue 26,666,667 new shares for subscription through its IPO which is due to open on December 15. A share priced at Rs. 15, the total issue is worth about Rs.400 million bringing the company's full market capitalisation to around Rs. 1.6 billion. Chairman Singer Group, Hemaka Amarasuriya said the company is keen to provide a sound return to small investors since they help in the capital formation and develop the country's capital market.

-LF