TFC says interested investments at early stage

Troubled finance firm, The Finance Company PLC (TFC), which has been issued a notice of cancellation of licence by the Central Bank, yesterday said there were inquires from interested parties considering making an investment in the firm, albeit such are at early stage.

TFC, which is facing a severe liquidity crisis, said any willing investor still can consider an investment in the firm as a private placement.
Any proposal for investment should get the TFC board and Central Bank approval.
TFC in a previous disclosure said three investors are keen on investing in the firm.

However, the Central Bank in a statement said they had not received any investment proposal from a credible investor.

The Central Bank issued the notice of cancellation of the licence granted to TFC to carry on finance business under the Finance Business Act No. 42 of 2011 (FBA), on October 23, 2019.
The Monetary Board of the Central Bank said, as scheduled, they would take a decision on the notice of cancellation issued to TFC after the expiration of 60 days from the date of notice of cancellation.

The notice of cancellation of licence was issued on October 23.