News & market updates

Fitch affirmed Singer (Sri Lanka) PLC’s national long-term rating at 'AA-(lka)' with a Stable outlook. Fitch cited expected revenue growth of 18% in FY25, improved margins and lower borrowing costs, while noting about LKR70bn of group debt including LKR40bn at Singer Finance.

Singer Finance (SFIN.N0000) had its proposed LKR2 billion five-year subordinated debentures assigned an expected national long-term rating of 'BBB-(EXP)(lka)' by Fitch; proceeds are planned to strengthen Tier-2 capital and support loan-book expansion.

Singer Finance will raise up to Rs. 2 billion by issuing Tier 2 subordinated, listed, rated, unsecured five-year debentures of Rs.100 each, abandoning the earlier high-yield bond plan. The issue is subject to CSE listing rules and approval from the Central Bank of Sri Lanka and other regulators.

Singer Finance (SFIN.N0000) said it will not proceed with the originally planned LKR 1 billion high-yield debenture issue and is seeking approval for a revised debenture offering of up to LKR 2.0 billion. The proposed issue would be Tier-2 subordinated, listed, rated, unsecured and redeemable with a five-year tenor.

Fitch assigned Singer Finance (Lanka) PLC an expected National Long-Term rating of 'BBB-(EXP)(lka)' for up to LKR1 billion five-year subordinated listed debentures. The company plans to issue 10 million bonds at Rs100 each to raise LKR1bn to strengthen Tier 2 capital and support loan-book expansion.

Fitch upgraded the national long-term ratings of 10 Sri Lankan non-bank financial institutions and affirmed eight after recalibrating the national scale; notable upgrades include Central Finance, L B Finance, HNB Finance, Merchant Bank, Abans Finance and Singer Finance, while UB Finance was affirmed with a negative outlook.

Singer Group won two Gold Awards at the TAGS Awards 2024. Singer Finance (Lanka) PLC secured Gold in the Finance Companies, Leasing Companies & Other Financial Institutions category for groups with total assets between 25bn and 75bn.

Singer Finance (Lanka) PLC won the Gold award for Excellence in Annual Reporting at the CA Sri Lanka TAGS Annual Report Awards 2024 in the Finance Companies category (assets Rs. 25–75 billion). The company also received special recognition for Sustainability Reporting, Corporate Governance and Integrated Reporting; ultimate parent Hayleys PLC is noted.

Hayleys PLC won the Gold for Overall Excellence in Corporate Reporting at CA Sri Lanka’s TAGS Awards 2024; Diesel & Motor Engineering PLC took Silver and Commercial Bank of Ceylon PLC featured among top winners. Multiple shortlisted firms (e.g., DIMO, COMB, LFIN, SFIN, CCS, HAYC, SLTL, LGL, FCT) received sector awards.

Hayleys PLC won the Cyril Gardiner Memorial Trophy for Overall Excellence in Corporate Reporting at the TAGS Awards 2024 for the third consecutive year. The Group won 20 awards (13 Gold), with sector wins for Alumex, Haycarb, Horana Plantations, Kelani Valley Plantations and Singer Finance.

Singer Finance PLC will raise Rs. 1 billion by issuing up to 10 million five-year Tier 2 listed high-yield bonds of Rs. 100 each, subject to Central Bank and other regulatory approvals.

Singer Finance (Singer Finance (Lanka) Plc) will issue 10 million five-year tier-2 subordinated unsecured bonds at Rs100 each to raise Rs1 billion, subject to central bank and regulatory approvals. Fitch notes SFL's 'BBB(lka)' rating and expects support from parent Singer (Sri Lanka) PLC.

Richwin Plaza was named Best Mobile Phone Seller of the Year and Richwin Investment and Credit was named Best Emerging Micro Finance Company at the Iconic Awards 2024; awards were received at a ceremony at BMICH in Colombo.