Softlogic Finance to strengthen Tier 1 Capital via rights issue

Reports zero NPLs on Rs. 14 billion worth loans

Softlogic Finance PLC, a subsidiary of Softlogic Capital the financial arm of the Softlogic Group, announced plans to strengthen its Tier 1 Capital in compliance with Capital Adequacy Requirements as stipulated by the Central Bank of Sri Lanka, through a planned Rs. 2,239,667,740.00 Rights Issue to existing Shareholders.

Accelerating a transformational journey, Softlogic Finance was recently backed by a resounding vote of confidence by its shareholders by way of fully subscribed Rights Issues.

The approach of the new management to focus on secured lending grew to fruition, resulting in the overall secured lending base including gold loan and leasing recording a year-on-year growth of 26%. Softlogic Finance’s new loan book of nearly Rs. 14 billion recorded zero NPLs, a reflection of the emphasis on credit quality and the right collections strategy. This further enabled the company to secure investor confidence to successfully raise debt capital by way of a lease securitization of Rs. 1bn during the year.

Softlogic Finance enjoys industry leadership in key business verticals, namely ; ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure.