By IsharaGamage
Ceylon Finance Today: UB Finance Co Ltd, a subsidiary of Union Bank will be having an extraordinary general meeting (EGM) during this week to get approval for its Colombo Stock Exchange listing process, a senior official said.
Simultaneous to this stock market listing, UB is also planning to inject an additional Rs 500 million to Rs one billion in capital via a private placement, he said.
"New capital will be through new investor. It may be a large foreign institutional or high networth investor," the source said.
"They are even willing to invest up to two billion rupees and negotiations are currently under way", the official said.
"Actually, TPG Capital, USA (the largest shareholder of Union Bank) is also willing to invest in UB, but pooling knowledge vis-à-vis the participation of this new investor is of a greater advantage to us, where we can have access to fresh expertise", he said. UB Finance Company was formed by Union Bank (UBC), by the latter's acquisition of The Finance and Guarantee Company Ltd. (TF&G), a licenced finance company under the Ceylinco Group which got in to difficulties after the collapse of its now defunct Golden Key Credit company, an unlicenced finance company.
UBC together with an International foreign investment fund Shore Cap II Ltd of USA, acquired over 98% of the voting shares of TF&G subsequently at an investment of over Rs. 1.1. billion. UB Finance, licensed by the Central Bank of Sri Lanka, is currently providing a range of financial...... services that include fixed deposits, savings, real estate, leasing, hire purchase, loans, factoring and pawning. Their services are mostly catering to small and medium enterprises.
TF&G, after its collapse, was earlier managed by Merchant Bank of Sri Lanka. The company has around 3,000 depositors with a total deposit base of Rs. 3.3 billion Over 50% of the company's deposits have been converted to non voting shares with the consent of depositors.
The Board of Directors of UB Finance is led by Chairman Alexis Lovell (Chairman, Union Bank), Ananda Atukorala (Deputy Chairman), Jit Warnakulasuriya, Daman Panditharatne, Davis Golding, Malinda Samaratunga, Ajith Wijeyesekera, Upali Wijeyesekera, Rohendra Wijeyesekera and Nalin Fernand.
Ceylon Finance Today: UB Finance Co Ltd, a subsidiary of Union Bank will be having an extraordinary general meeting (EGM) during this week to get approval for its Colombo Stock Exchange listing process, a senior official said.
Simultaneous to this stock market listing, UB is also planning to inject an additional Rs 500 million to Rs one billion in capital via a private placement, he said.
"New capital will be through new investor. It may be a large foreign institutional or high networth investor," the source said.
"They are even willing to invest up to two billion rupees and negotiations are currently under way", the official said.
"Actually, TPG Capital, USA (the largest shareholder of Union Bank) is also willing to invest in UB, but pooling knowledge vis-à-vis the participation of this new investor is of a greater advantage to us, where we can have access to fresh expertise", he said. UB Finance Company was formed by Union Bank (UBC), by the latter's acquisition of The Finance and Guarantee Company Ltd. (TF&G), a licenced finance company under the Ceylinco Group which got in to difficulties after the collapse of its now defunct Golden Key Credit company, an unlicenced finance company.
UBC together with an International foreign investment fund Shore Cap II Ltd of USA, acquired over 98% of the voting shares of TF&G subsequently at an investment of over Rs. 1.1. billion. UB Finance, licensed by the Central Bank of Sri Lanka, is currently providing a range of financial...... services that include fixed deposits, savings, real estate, leasing, hire purchase, loans, factoring and pawning. Their services are mostly catering to small and medium enterprises.
TF&G, after its collapse, was earlier managed by Merchant Bank of Sri Lanka. The company has around 3,000 depositors with a total deposit base of Rs. 3.3 billion Over 50% of the company's deposits have been converted to non voting shares with the consent of depositors.
The Board of Directors of UB Finance is led by Chairman Alexis Lovell (Chairman, Union Bank), Ananda Atukorala (Deputy Chairman), Jit Warnakulasuriya, Daman Panditharatne, Davis Golding, Malinda Samaratunga, Ajith Wijeyesekera, Upali Wijeyesekera, Rohendra Wijeyesekera and Nalin Fernand.
www.ceylontoday.lk
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