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06 February, 2014 07:14 AM Source: Financial Times - Sri Lanka

In a major breakthrough for continued success, Nation Lanka Finance Plc said it has entered into an agreement for Rs. 1.4 billion in equity (shares and warrantswith the Global Emerging Markets Group (GEM).
The agreement is with GEM Global Yield Fund LLC SCS, an investment fund of GEM, which is an alternative investment group that handles a diverse set of invest vehicles across the world.
GEM Global Yield Fund LLC SCS will invest in a private placement of new shares to be issued coupled with warrants totalling approximately Rs. 1.4 billion, not exceeding 29.9% of the issued shares of National Lanka Finance Plc subsequent to the said issue.
The issue of new shares by way of a private placement and warrants will be subject to the Company obtaining shareholders and regulatory approval.
At present the company has around 250 million shares in issue and net asset per share is Rs. 1.17. It has assets worth Rs. 4.3 billion as at end September 2013, up from Rs. 3.6 billion a year earlier. Liabilities amounted to Rs. 4 billion, up from Rs. 3.15 billion.

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