Softlogic Finance Archives

March 27, 2023

Softlogic-Finance-PLC-appoints-Ivon-Brohier-as-new-Chief-Executive-Officer-LBN.jpg

Colombo, Sri Lanka, 27 March, 2023 – Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, has announced the appointment of Ivon Brohier as its Chief Executive Officer (CEO) with effect from 27^th of March 2023. Brohier, who has been serving as the Acting CEO and Chief Financial Officer (CFO), will commence duties as the first-ever female CEO at Softlogic Finance.

With over 15 years of extensive experience in business strategy, financial reporting, strategic financial management, process improvements, information systems, and handling statutory audits, Brohier brings a wealth of knowledge and experience to support the company’s growth and success.

In her new role, Brohier will be responsible for spearheading Softlogic Finance’s strategic agenda through tactical transformative initiatives, including team restructuring and the enhancement of digital capabilities to better serve customers and stakeholders. The company has also shifted its focus to expanding into the untapped lending market by offering innovative financial products and services to a broader segment of customers, in addition to implementing a proactive and aggressive approach to recovery.

“I’m honoured and grateful for this opportunity to embark on an exciting new era of growth at Softlogic Finance,” said Ivon Brohier, the newly appointed Chief Executive Officer of Softlogic Finance PLC. “With the unwavering support of our stakeholders and the strong backing from our holding company Softlogic Capital, I am confident that Softlogic Finance is poised to ensure long-term stability. I look forward to working with my talented team to capitalize on our strengths and execute purpose-led strategies that will drive sustainable and profitable growth.”

Prior to becoming the CFO at Softlogic Finance in 2020, Brohier had a distinguished career in leadership roles at some of Sri Lanka’s renowned financial institutions. She has held notable positions such as Acting CEO and CFO at Abans Finance PLC, Senior Manager – Financial Reporting and Control at Nations Trust Bank PLC, and Senior Finance Manager at AMW Capital Leasing and Finance PLC.

Brohier is a fellow member of the Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka, and she holds an MBA from the University of Colombo and a BSc. in Management from the University of Sri Jayewardenepura.

Softlogic Finance PLC is a registered finance company under the Finance Business Act No. 42 of 2011, as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

December 22, 2022

Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, announced its recently concluded Rs 850mn Rights Issue which saw keen demand, and was successfully oversubscribed and fully allotted. The funds raised from the Rights Issue will infuse fresh capital for adherence with capital adequacy requirements as well as supporting the company’s digitalization drive and business expansion plans.

Accordingly, the Board of Directors have approved the allotment of 116,483,901 ordinary shares at Rs.7.31. While applications were received for 106,192,861 ordinary shares, an additional 10,192,621 shares were also applied for by shareholders and allotted leading to the entire issue being oversubscribed.

The new Ordinary Shares were listed on the Diri Savi Board of the Colombo Stock Exchange (CSE) on 8 December 2022.

Commenting on the allocation, Ivon Brohier, Acting Chief Executive Officer, Softlogic Finance PLC, “I am pleased that we successfully concluded a rights issue that was fully subscribed given the turbulent market environment. We intend to use the proceeds towards strengthening the total capital of our company and ensure that the company is compliant with the necessary capital adequacy requirements. The continued trust and strong support from our shareholders is encouraging and we are committed with the goal of confidently creating long-term and lasting value.”

Softlogic Holdings PLC is recognised as among Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals, including ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure.

Softlogic Finance PLC is a registered finance company under the Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

October 21, 2022

Colombo, October 20 2022 – Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, has revealed plans to go for a Rights Issue to raise over Rs. 850mn to infuse fresh capital for adherence with capital adequacy requirements as well as supporting its digitalization drive and business expansion of the Company. The rights issue will be implemented in the proportion of One Hundred (100) new Ordinary Shares for every Four Hundred and Twenty Three (423) existing Ordinary Shares held by the shareholders of the Company for a cash consideration of Rs. 7.31 per new share.

The Company proposes to increase the Issued Share Capital by way of a rights issue of One Hundred and Sixteen Million Four Hundred and Eighty Three Thousand Nine Hundred and One (116,483,901) ordinary shares at Rs. 7.31/- per share for a total consideration of Rupees Eight Hundred and Fifty One Million Four Hundred and Ninety Seven Thousand Three Hundred and Sixteen (Rs. 851,497,316/-).

Commenting on the Rights Issue Ms Ivon Brohier, Acting Chief Executive Officer, Softlogic Finance PLC stated, “As we navigate through this unprecedented situation in the country following two years of the pandemic and the worst financial crisis the country has ever seen, Softlogic Finance continues determined on expanding business and enabling a digital transformation where unparalleled customer convenience will be placed at the forefront of each process. The Softlogic Group has probably the largest consumer network in the country and represents a huge opportunity for our Company to be part of a large and valuable ecosystem. This capital infusion will provide the vital impetus to realize our key objectives.”

The infusion will improve Tier 1 Capital, whilst ensuring compliance with the Capital Adequacy Requirements as stipulated by regulations. The One Hundred and Sixteen Million Four Hundred and Eighty Three Thousand Nine Hunded and One (116,483,901) new Ordinary Shares, will be listed on the Diri Savi Board of the Colombo Stock Exchange (CSE).

Softlogic Holdings PLC is known to be one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals, being present across; ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure. Softlogic Finance PLC is a registered finance company under the Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

May 31, 2022

Secured lending portfolio and management restructuring process yields early results

Tuesday, May 31, 2022 – Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, has posted a Net Interest Income of LKR 1.35 Billion year to date (YTD) as at March 31,2022 recording a 146% Year-on-Year (YoY) increase despite the challenging operating environment. Net Income for 4Q 2021/22 was LKR 502 Million in comparison to the LKR 318 Million in 4Q 2020/21, adding up to a YTD Net Income of LKR 1.6 Billion. The company attributed the promising results to its growth strategy focused on a new secured lending portfolio that has accrued only 0.8% in non-performing loans and the management restructuring process, which the business went through in the previous financial year.

The company’s Operating Profit rose to LKR 275 Million YTD, in unaudited figures, in comparison to a loss of Rs. 520 Million in the corresponding period of the previous year. Softlogic Finance maintained the Capital Adequacy Ratios above regulatory requirements in the period under review, with the Tier 1 Capital Ratio at 8.33% and the Total Capital Ratio at 12.83%. The company grew its secured lending portfolio during the financial year 2022, with Leasing growing by 108% YoY in comparison to the corresponding period in 2021, whilst Pawning grew by 39%.

Commenting on the company’s financial situation, Priyantha Wijesekera, Chief Executive Officer at Softlogic Finance PLC stated, “Softlogic Finance is operating in a robust financial position today as a result of the prudent financial measures that were put in place in the past two years. These efforts were further boosted by the restructuring of the senior management. Whilst legacy issues from previous years still exist, the company is making provisions for it as per industry best practices. However, the actual growth of the company is on a healthy trajectory and will be reflected in the financial results in the next financial year. This stable growth was affirmed with the upgrading of the company rating by ICRA Lanka to (SL)BB Stable even during an economic downturn.”

Softlogic Finance has made a prudent decision to make additional impairment provisions against the legacy portfolio at the end of Q4 2022 and made adjustments to the management accounts. This action that will yield long term benefit to the stakeholders resulted in the net loss of LKR 727 Million YTD in this financial year, adjusted from a Profit After Tax of LKR 34 Million as at the end of 4Q 2022.

Softlogic Holdings PLC is known to be one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals, being present across ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure. Softlogic Finance is a registered finance company under the Finance Business Act No. 42 of 2011.

June 30, 2021

Zero NPLs on Rs. 14 Billion worth loans in a globally challenging year

Colombo, June 30, 2021 – Softlogic Finance PLC, a subsidiary of Softlogic Capital the financial arm of the Softlogic Group, announced plans to strengthen its Tier 1 Capital in compliance with Capital Adequacy Requirements as stipulated by the Central Bank of Sri Lanka, through a planned Rs. 2,239,667,740.00 Rights Issue to existing Shareholders.

With an overall strategic plan to boost stability and ensure continuous growth, the new management at Softlogic Finance has successfully steered the company in the right direction to overcome multiple challenges, including a country in a state of lockdown. Accelerating a transformational journey, Softlogic Finance was recently backed by a resounding vote of confidence by its shareholders by way of a fully subscribed Rights Issues.

The approach of the new management to focus on secured lending grew to fruition, resulting in the overall secured lending base including gold loan and leasing recording a year-on-year growth of 26%. Softlogic Finance’s new loan book of nearly Rs. 14 Billion recorded zero NPLs, a reflection of the emphasis on credit quality and the right Collections strategy. This further enabled the company to secure investor confidence to successfully raise debt capital by way of a lease securitization of Rs. 1bn during the year.

Softlogic Finance believes that the negative impacts of Covid-19 are largely transitory and as a result, invested in multiple digital transformational initiatives to help accelerate productivity. In order to further streamline its business and deliver results to shareholders, the company has implemented innovative ways to optimize operations such as introducing a new collections system and an MIS Dashboard to rigorously monitor performance.

Softlogic Finance is a registered finance company under the Finance Business Act No. 42 of 2011 and is majority owned by the Softlogic group, known to be one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals, being present across; ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure.

May 14, 2021

Sights set on multifaceted business expansion

Colombo, May 13, 2021 – Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, is all set to launch a Rights Issue to raise over Rs. 2.2 billion in a bid to infuse fresh capital for business expansion with a focus on the company’s future growth. The rights issue will see Five (5) new Ordinary Shares issued for every Six (6) existing Ordinary Shares held by shareholders for Rs. 10/- per new share.

The infusion will strengthen the Company’s Tier 1 Capital, based on its forecasted Business Expansion Programme to be in compliance with the Capital Adequacy Requirements up to 1^st July 2022 as stipulated by the Finance Business Act Directions No. 03 of 2018, which is read together with the Press Release issued by the Department of Supervision of the Non-Bank Financial Institution of the Central Bank of Sri Lanka dated 12^th April 2020.

The company will use the funding to boost growth of its secured lending book, with special emphasis on finance leasing and pawning. Following through on the management restructuring process the business went through in the last financial year, the company is ready to ramp up its growth and multifaceted business expansion with the main business verticals forecasted to achieve substantial year on year growth driven by a clearly differentiated tech driven strategy.

Commenting on the Rights Issue Priyantha Wijesekera, Chief Executive Officer, Softlogic Finance PLC stated, “Even as we find our way out of a prolonged pandemic situation, Softlogic Finance is bullish on expanding the business, emphasizing on secured lending products such as finance leasing and pawning in times of uncertainty. The Softlogic Group was one of the top ten corporate entities to navigate the pandemic successfully, and we follow in its wake to ensure the best returns for our stakeholders as we make an indelible mark in the industry, continuing to deliver a distinctive and easily accessible value proposition to our customers with a future ready strategy.”

The Issued Share Capital of the Company is to be increased by way of this rights issue of two hundred twenty-three million nine hundred sixty-six thousand seven hundred and seventy-four (223,966,774) ordinary shares at Rs. 10/- per share for a total consideration of Rupees two billion two hundred and thirty-nine million six hundred and sixty-seven thousand seven hundred and forty (Rs. 2,239,667,740/-). The new Ordinary Shares, will be listed on the Diri Savi Board of the Colombo Stock Exchange (CSE).

Softlogic Holdings PLC is known to be one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals, being present across; ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure. Softlogic Finance is a registered finance company under the Finance Business Act No. 42 of 2011.

April 26, 2021

Dayan-Ranasinghe-Head-of-Delivery-Channels-Softlogic-Finance-PLC.jpeg

Colombo, April 27, 2021 – Softlogic Finance PLC successfully raised Rs. 1 Billion through the issuance of a Lease Receivables Securitization, marking one of the major securitizations in the industry to date in Sri Lanka, the company announced recently.

In a concentrated effort to move towards a prominent position in the market, the funds raised will be employed to aggressively rollout the new business strategy of the company that has been in operation since May last year.

Priyantha Wijesekera, Chief Executive Officer of Softlogic Finance commented on the initiative, “The success achieved through the securitization reaffirms investors’ confidence towards the growth trajectory mapped out by the company last year, along with an extensive restructuring across the organization. The company marked a remarkable growth of its asset quality which is reflected in zero non-performing loan (NPL) levels being achieved in the leasing portfolio acquired during the year.” he said

First Capital, a leading investment institution in the country, acted as the structuring and placement agent to the issue with Hatton National Bank acting as the Trustee. The funds have been raised through a consortium of investors who were optimistic about the company’s ambitious journey in the non-banking financial institutions (NBFI) category.

Dilshan Wirasekara, Director/CEO First Capital Holdings PLC, the lead manager for the issue said, “The rise in private sector demand for credit, supported by all-time low interest rates, created an opportune moment to broad base the liability base of Softlogic Finance. As the lead manager for the issue, we find the success of this Lease Receivables Securitization as a positive indication of market conditions.”

Softlogic Finance PLC is mainly held by Softlogic Capital PLC which is the financial services holding company of the Softlogic Group that has established an impressive presence in the market with a portfolio comprising of Softlogic Life Insurance PLC, Softlogic Finance PLC, Softlogic Stockbrokers (Pvt) Ltd, and Softlogic Asset Management (Pvt) Ltd.

Softlogic Holdings also has interests in healthcare, retail, ICT, leisure, automobiles and restaurants. Softlogic Finance is a registered finance company under the Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

January 13, 2021

Softlogic Finance CEO Lauded for contribution towards social change

Colombo, January 2021 – Priyantha Wijesekera, the Chief Executive Officer of Softlogic Finance PLC was honoured with the “Innovation Leadership Award” at the Sri Lanka Innovation Leadership Awards 2020, for his contribution towards social change through exemplary leadership. Presented by the Asian Confederation of Business on the 24^thof November in partnership with World Innovation Congress and Stars of the Industry Group, the Sri Lanka Innovation Leadership Awards are granted to individuals behind an institution, dedicated to building future leaders through leadership and innovation.

Commenting on the recognition, Wijesekera said: “I’m grateful to be receiving this award and to have affected the lives of so many Sri Lankans through transforming traditional financial products into impactful, innovative offerings. Throughout my career, I have pursued opportunities to create meaningful change in the industry, and corporate culture. My next goal is to make the financial industry become an inclusive space, especially for the youth by forging ahead with a groundbreaking cocktail of digitized product offerings that deliver unparalleled value.”

The selection process for the awards involved a research cell that shortlists individuals based on their extraordinary work that has impacted the lives of many. Candidates were then shortlisted and reviewed by an independent jury compromising of senior leaders, researchers and academicians from around the world. The evaluation and decision to award the recognition was based on the candidate’s strategic perspective, process management, future orientation, track record, integrity and ethics, ability for sustainable and time and cost of implementation.

“I hope to continue to inspire and empower future leaders of our country to think out of the box, take risks and mostly importantly, be a part of a bigger cause that will impact our society.” Wijesekera added.

Wijesekera, an Attorney-at-law and a Solicitor by profession has extensive knowledge in shipping law, commercial arbitration, banking and finance. With over 20 years of experience in banking and financial services products, he is renowned for his impactful work in transforming the finance sector, and was also a key player in introducing digital financial tools that drove technological innovations in the leasing industry. Having held key management positions at a prominent Sri Lankan bank prior to being appointed as the Chief Executive Officer at Softlogic Finance earlier this year, Priyantha Wijesekera is credited with the revolutionary ‘Green Leasing’ initiative that helped popularize hybrid vehicles in Sri Lanka, ultimately promoting clean driving. He was also the brains behind the first-ever ‘On-site Leasing’ concept in Sri Lanka, an end-to-end lease process conducted at the vehicle sales center, thus reducing the physical and logistical efforts on the part of the buyer, the seller and the financing partner.

Softlogic Finance is a registered finance company under the Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

October 21, 2020

Planned acquisition and merger with Abans Finance sets up company with Rs 32Billion asset base

Colombo, October 20, 2020 – Softlogic Finance PLC received Colombo Stock Exchange (CSE) approval for its Rights Issue of Rs 1.9 billion and the Extraordinary General Meeting of the Company is fixed for 9^th November 2020, with the funds expected to be received by the Company by end November. The Rights Issue is fully underwritten by its immediate parent Softlogic Capital PLC and the entire equity infusion is hence guaranteed.

The Softlogic Group has also announced purchasing the shares of Abans Finance PLC consequent to which Abans Finance PLC will be amalgamated with Softlogic Finance PLC with the latter being the surviving entity. The transaction is currently pending approval of the regulator, the Central Bank of Sri Lanka. The combined entity, post-merger, will create a stronger and bigger company that is estimated to have total assets of Rs 32 billion, customer deposits of Rs 22 billion and customer advances of Rs 26 billion, whilst complying with all of the regulatory requirements of the Central Bank of Sri Lanka including the capital adequacy of the company. The capital position of the amalgamated entity is expected to be Rs 4.9 billion by 31^st March 2021.

Softlogic Finance is therefore upbeat on its future prospects that will deliver a robust business strategy enhanced by digitalization and delivered by the new management team of the Company that is in place since May of this year. Unparalleled customer convenience and ease of doing business are expected to bring about synergies within the Softlogic Group’s large customer base and will follow the tremendous success delivered by its sister company Softlogic Life Insurance PLC that is the country’s fastest growing life insurer having recorded a five-year growth of 30% versus industry growth of 12%.

The Softlogic Group has long viewed Financial Services as an industry with substantial opportunities for growth. This proposed merger compliments Softlogic Finance in its ambition to increase its footprint in the NBFI sector, particularly in the dynamic leasing category, which represents an area of strategic focus for the company.

The Company is currently re-evaluating its product mix and service offering, and work is in progress to streamline its systems and processes to suit a digitized environment, in order to prepare the company to confidently face the constantly changing external landscape and sustainably deliver a distinctive and easily accessible value proposition to its customers.

The Softlogic Group is regarded as one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals; with its presence visible across the Healthcare, Retail, Financial Services, ICT, Automobiles and Leisure sectors. Softlogic Finance is a registered finance company under Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under Finance Leasing Act No. 56 of 2000.

August 30, 2020

Softlogic Finance PLC is pleased to announce the appointment of key members to its Senior Leadership Team. Roger Rozairo joins as its new Chief Operating Officer; Ivon Brohier, as its new Chief Financial Officer and Dayan Ranasinghe, as its new Head of Delivery Channels.

Priyantha Wijesekera, Chief Executive Officer, Softlogic Finance PLC commented on the new appointments. “We are excited to welcome Roger, Ivon and Dayan to our Senior Leadership Team as they bring experience in key areas that are vital to our future operations and strategy. Softlogic Finance is progressing towards a digital ecosystem by redefining its business processes and venturing beyond traditional industry boundaries, to stay ahead of the competition and weather the storms that are prevalent in this industry. The company is focusing on making strategic moves to strengthen our offerings to our youth as they truly hold the future of our country. We are confident that the new leadership team will add significant value and guide the company through this transformational journey.” He stated.

With extensive exposure to consumer credit, risk score cards, collections and portfolio management, Rozairo will play a key role in helping the company execute its growth strategies effectively and efficiently. With a career spanning over 16 years, Rozairo’s exposure to the implementation of digital platforms in financial services and data analytics will be an immense value addition to the company. Having kicked off his career at Standard Chartered Bank, Rozairo moved on to Nations Trust Bank PLC in 2004, where he held the position of Vice President – Collections Strategy, Analytics and Compliance before his arrival at Softlogic Finance PLC. Rozairo is a member of the Association of Business Executives (ABE) UK and holds a MBA from the Postgraduate Institute of Management.

Joining the team as the new Chief Financial Officer, Brohier brings with her over 14 years of experience to Softlogic Finance PLC. Her demonstrated knowledge in financial reporting, strategic financial management, process improvements, information systems and the handling of statutory audits will be critical as Softlogic Finance PLC embarks on this journey of transformation. Having held key positions in several financial organisations, Brohier joined Abans Finance PLC in the capacity of its Chief Financial Officer and served as its Acting Chief Executive Officer, prior to her move to Softlogic Finance PLC. An alumna of the University of Sri Jayewardenepura, Brohier is a Fellow member of the ICASL and earned her MBA from the University of Colombo.

Dayan Ranasinghe joins Softlogic Finance as the Head of Delivery Channels with an 8 year career in the Softlogic Group covering corporate finance, treasury and asset management services. Ranasinghe will oversee all distribution channels in addition to the treasury and fund mobilization vertical. Ranasinghe served as the Head of Treasury of Softlogic Life Insurance PLC and the Sector Head of Treasury of the Financial Services arm of the Softlogic Group prior to his new appointment, Ranasinghe is an alumnus of the University of Colombo, and is an Associate Member of the Chartered Institute of Management Accountants (UK).

Softlogic Finance PLC is a registered finance company with the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, as well as a Specialized Leasing Company licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

Older Posts

Softlogic Finance PLC appoints Ivon Brohier as new Chief Executive Officer

Softlogic Finance Rs 850mn Rights Issue Oversubscribed

Softlogic Finance to Raise over Rs. 850mn in Rights Issue

Softlogic Finance Posts Record 146% Increase Year-on-Year in Net Interest Income

Softlogic Finance’s Growth Trajectory Backed by Shareholder Confidence

Softlogic Finance to Raise over Rs. 2.2 Bn in Rights Issue

Softlogic Finance Successfully Completes One Billion Rupee Securitisation

Priyantha Wijesekera wins Innovation Leadership Award

CSE approves Softlogic Finance Rs 1.9Billion Rights Issue

Softlogic Finance PLC strengthens its Senior Leadership Team