At the same time National Finance has also announced that it will be floating a RO7.5m Rights Issue over the next three months to support its highly successful and growing leasing business and to meet the minimum capital requirements stipulated by the Central Bank of Oman.
It plans to float 75 million shares at a par value of 100 baisas per share to existing shareholders with the plans subject to final approval from the regulatory authorities.
In a statement announcing the highly successful results for the first nine months of the year and the achievement of becoming one of the few companies to have achieved over RO100m in investment in finance leases, National Finance said that its business and financial performance has been driven by excellent and significantly growing demand for its products in both the small and medium sized enterprise (SME), corporate and retail elements of its business.
National Finance reported that 2011 was already proving to be one of their most successful years of operations and the company was looking forward to another successful final quarter of 2011.
Commenting on the success of the year to date and the passing of the RO100m milestone, National Finance Chief Executive Robert Pancras said: "We are very proud to have achieved what is a momentous milestone for our business by exceeding for the very first time a figure in excess of RO100m for our net investment in finance leases.
"This has been an exceptional period for our business across all aspects of the financing that we offer to individuals and our growing SME and corporate business. Our customers are finding that they welcome the fact that we are able to provide and deliver highly effective and favourable financing options that can suit the needs of every individual and their own needs in terms of repayment timing and strategy."
Commenting on the plans for the Rights Issue, Mr. Pancras explained that this reflected the growing strength and solidity of National Finance as a leading financial services company within the Sultanate. "As our business continues to grow we need to increase our capital to support the growth and will ensure that we meet the minimum capital requirements for finance companies set down by the regulatory authorities well ahead of the time limit stipulated."
Mr. Pancras believes that the success National Finance has been enjoying is a strong reflection of the continuing economic growth and development of Oman - as the country continues to enjoy expansion and growing prosperity that will help to put the Sultanate in a strong position for the future.
He added that National Finance has also contributed to its own success through a very sound business strategy combined with a disciplined and conservative approach to managing risk to ensure continued revenue and profit growth, while maintaining good levels of liquidity with the company remaining very confident about future business opportunities.
The company recently announced the opening of its sixth branch in the country in Barka as the company continues to develop and expand its nationwide network of branches.
The Barka branch adds to the strong network that National Finance, an established leader in the financing sector in Oman for over two decades, has across the country that includes Muscat, Salalah, Sur, Nizwa and Sur in addition to the new branch.
Established in 1987, National Finance Co SAOG is one of the most well established finance companies in the Sultanate of Oman. The company is engaged in providing finance to corporates, SMEs and individuals for equipment, vehicles and working capital purposes. National Finance operates nationwide with branches at major locations.
Source: http://www.ameinfo.com/281710.html
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