Singapore-Sri Lanka join investor buys ETI Finance for $75 million
July 6, 2018 04:52 pm
The Singapore-registered Blue Summit Capital Management Ltd and Sri Lanka’s Ben Holdings Ltd. have made a joint investment to purchase the crisis-hit finance company ETI Finance Limited, the Central Bank confirmed today.
“The total investment for ETI Finance is US$ 75 million,” said the Deputy Governor of the Central Bank of Sri Lanka C.J.P. Siriwardana.
He stated that the investment is coming in two tranches with the first tranche US$ 43 million and US$ 32 million as the second.
“Out of the first tranche, already they have transferred US$ 32 million to the ETI which has been used for the 10% deposit payment over the last few weeks,” he said, speaking to reporters this morning (6).
The deputy governor added that another US$ 11 million already came into their Cargills Bank account and that it will be released to ETI Finance Limited very soon.
With that they will complete the first tranche of this investment, he said, adding that the investors have agreed to transfer the second tranche by the end of July 2018.
He stated that with this ETI Finance will be receiving around 11.5 million rupees which will be used for the payment of existing deposits.
