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Lanka Rating Agency
Press Release
Date
19-Aug-24

Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk

Applicable Criteria

  • Methodology | Non-Banking Financial Institution Rating | Jul-24

Related Research

  • Sector Study | Leasing & Finance Companies | Aug-23

Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to LRA

Lanka Rating withdraws the Entity Rating of Multi Finance PLC

Rating Type Entity
Current
(19-Aug-24) 		Previous
(02-Jun-23)
Action Withdraw Initial
Long Term - B-
Outlook Negative
Rating Watch - -

Subsequent to the amalgamation of Multi Finance PLC with L B Finance PLC and the management's decision, LRA withdraws the entity rating of Multi Finance PLC with immediate effect.
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About the Entity
Multi Finance PLC (MFC or the Company) is a Licensed Finance Company incorporated in 1974. It was registered under the Companies Act No. 07 of 2007 in 2009. The Company was listed on the Colombo Stock Exchange in 2011. The largest share of the Company is owned by LB Finance PLC. The Board of MFC consists of seven Non-Independent and Non-Executive Directors. MFC is managed by the Senior Management of LB Finance PLC and they possess experience and qualifications in their relevant fields.

The primary function of LRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. LRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. LRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.