The Finance says 3 investors ready to invest if banking licence could be obtained

Troubled The Finance PLC (TFC) yesterday informed the Colombo Stock Exchange that the company has been approached by three interested parties to consider an investment in the finance firm, if a banking licence could be obtained.

“Since the publication of the ‘Notice of Cancellation’, TFC was approached by three interested parties to consider an investment on the basis Banking Licence could be obtained with sufficient investment,” the company said in a stock exchange filing. The Monetary Board of the Central Bank on October 23, 2019 issued a Notice of Cancellation of licence on TFC due to the severe liquidity crisis faced by the company. TFC in its filing also said it was facilitating the potential investors locally and overseas and some discussions with potential investors were ongoing.

Hence, the company has requested from the Central Bank to reconsider the notice of 30 days and avoid any licence cancellation. 

It has also requested a 60-day extension from the date of issuance of the notice to finalise the arrangements with the potential investors, once the current political climate in the country settles. Considering the request made by TFC, the Central Bank in a letter dated November 21, 2019 has granted the company with a 60-day extension.

“After the expiry of 60 days from the date of the Notice of Cancellation and after considering the objections, the Monetary Board may withdraw such notice of cancel the licence issued to TFC,” the Central Bank said.