People’s Leasing & Finance, an industry leader in Sri Lanka, said it has successfully raised $35 million in funding from the Middle East market for supporting its general business development and growth.  

The three-year US dollar Medium Term loan facility has been funded via a club deal by the National Bank of Ras Al Khaimah (Rakbank) for $20 million and Union National Bank for $15 million.

Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE acted as the sole financial advisor to the transaction.

The officials of People’s Leasing & Finance PLC, Union National Bank, Rakbank and Alpen Capital signed the agreement in Colombo, Sri Lanka, yesterday (March 20).

Lauding the UAE banks for supporting the growth strategy, People’s Leasing & Finance CEO DP Kumarage said: "We are delighted to announce that we have been successful in raising funding from the Middle East Market with an unsecured medium term facility."

He also thanked Alpen Capital for helping the company enter the Middle East Market and diversify its funding mix.

Rohit Walia, the executive chairman, Alpen Capital (ME) expressed delight at supporting People’s Leasing & Finance in its growth strategy.

"We are seeing several opportunities to explore the synergies between the GCC and South Asia markets and given our expertise in this space, we are able to successfully connect our clients to the right opportunities," he added.-TradeArabia News Service