Softlogic Finance Rs.602mn rights issue fully subscribed

Softlogic Finance PLC successfully raised Rs.602 million of new equity by way of a rights issue in the proportion of 12 new shares for every 23 shares held at an issue price of Rs.17 per share, creating 35,440,896 new shares increasing the total number of shares in issue from 67,928,384 shares to 103,369,280 shares.

The rights issue attracted a total subscription of Rs.702 million.

The equity raising initiative signals Softlogic Finance’s vital shift towards a fresh phase of growth and development. This recent drive has been characterised by a number of new initiatives that include the streamlining and digitisation of its business operations in an effort to move towards a prominent position in the market. This strategy is already operational, being launched alongside the hashtag ‘#changeisgood’. This will facilitate the delivery of unparalleled convenience and value to the company’s customers while also focusing on the overall client base of the Softlogic Group, which includes Asiri Hospitals, Odel and other retail franchises.”

Softlogic Finance PLC is mainly held by Softlogic Capital PLC, which is the financial services holding company of the Softlogic Group that also houses Softlogic Life Insurance PLC, Softlogic Finance PLC, Softlogic Stockbrokers (Pvt.) Ltd, and Softlogic Asset Management (Pvt.) Ltd.

Softlogic Holdings also has interests in healthcare, retail, ICT, leisure, automobiles and restaurants.