The CSE has already approved the issue to be listed .
The Debenture which will be in four classes will see the issue up to 10 million (10,000,000) Unsecured Redeemable Debentures of Rs. 100 each
The Managers and the Registrars to the issue will be its own Corporate Advisory and Capital Markets Division.
According to the prospectus, the Unsecured Redeemable Debentures of LKR100/- each, categorized as Debentures of Types A, B, C and D and will be listed on the Main Board of the CSE.
Type A - Unsecured Redeemable 3 year Debentures carrying a Fixed Interest Rate of 11.6% per annum on the principal sum payable bi-annually. (Annual effective rate of 11.94% on the principal sum).
Type B - Unsecured Redeemable 4 Year Debentures carrying a Fixed Interest Rate of 11.8% per annum on the principal sum payable bi-annually. (Annual effective rate of 12.15% on the principal sum).
Type C - Unsecured Redeemable 3 Year Debentures carrying a Floating Interest Rate on the principal sum calculated on the basis set out in Section 1.3 below, payable bi-annually.
Type D - Unsecured Redeemable 4 Year Debentures carrying a Floating Interest Rate on the principal sum calculated on the basis set in the Section 1.3 below, payable bi-annually.The issue has a AA(-) ratings from RAM Ratings Lanka Ltd.
The MBSL Directors estimate that the total cost of the Issue including the Listing Fees, Trustee Fees, Brokerage, Postage, Printing and Marketing costs, etc will be approximately Rupees Twenty Million (LKR 20 million). Such costs will be borne by the company from the internally generated funds, MBSL said.
The Stated Capital of MBSL stood at Rs. 1,607 million as at 30 June 2011. Its largest shareholder, the Bank of Ceylon, held a strategic stake of 72 percent as at the said date.
In 2010, MBSL recorded its highest income of Rs. 1.52 billion recording an increase of 31.8 percent over the last year. Profit before tax for the year under review was Rs. 650.7 million, also the highest ever profit and it is an increase of 156 percent over the year 2009.
Wed, April 16, 2014