A prominent real estate management and property development company in Sri Lankan, Fairway Holdings (Private) Limited has decided to invest Rs. 550 million in the crisis ridden financial institution, the Multi Finance PLC.
Accordingly, Fairways Holdings is to acquire 41.1 million shares of Multi Finance at Rs. 13.40 each, thus investing Rs. 550.87 million.
Multi Finance PLC declared a net profit of Rs. 9.448 million during the last quarter of 31 December 2016 and subsequently had declared a loss of Rs. 18.4 million during the nine months ending 31 December 2016, pushing the losses of the company by 1,877 per cent.
Multi Finance PLC is a subsidiary of the controversial Entrust Group. While the activities of Entrust Securities, the primary trading company of the Entrust Group have been currently suspended, several members of its board of directors have been remanded due to ongoing criminal investigations.