Dunamis Capital PLC

ICRA Lanka withdraws the ratings of Dunamis Capital PLC

Instrument Rated Amount (LKR Mn) Rating Action
Issuer rating N/A [SL]BBB- (Negative); Withdrawn
Senior Unsecured Redeemable Debenture Programme 1,000 [SL]BBB- (Negative); Withdrawn
Senior Unsecured Redeemable Debenture Programme* 1,000 [SL]BBB- (Negative); Withdrawn

 

Rating action

ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has withdrawn the issuer rating of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of Dunamis Capital PLC (DCP or “the Company”), as the Company has ceased to exit after the acquisition and merger with Janashakthi PLC (JPLC). ICRA Lanka has also withdrawn the issue ratings of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of the LKR 1,000 Mn Senior Unsecured Redeemable Debenture programmes of DCP, at the request of the Company, as the same has been transferred to JPLC, post the merger of the two entities.

Further, ICRA Lanka has withdrawn the issue ratings of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of the LKR 1,000 Mn Senior Unsecured Redeemable Debenture programmes of DCP, at the request of the Company, as the same has been fully redeemed.

Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating and the ratings are based on ICRA Lanka’s issuer  rating methodology, as indicated below.

Links to applicable criteria:  ICRA Lanka’s Issuer Rating Methodology

ICRA Lanka’s Suspension and Withdrawal Policy

Company Profile:

DCP was a holding company and its key subsidiaries included, First Capital Holdings PLC and Kelsey Developments PLC.

On September 13, 2018, JPLC announced the acquisition of 31.14% of the shareholding in DCP and in October 2018 JPLC fully acquired DCP through a voluntary offer to purchase the remaining shares.  Thus, JPLC became the ultimate parent of DCP.  Subsequently, on October 29, 2019 company obtained the shareholder approval to merge the two entities, following which DCP has ceased to exit and was de-listed from the Colombo Stock Exchange.

Please refer the rationale dated March 04, 2020 on Janashakthi PLC:


Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

A Group Company of Moody's Investors Service

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2020 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.

Dunamis Capital PLC

ICRA Lanka withdraws the ratings of Dunamis Capital PLC

Instrument Rated Amount (LKR Mn) Rating Action
Issuer rating N/A [SL]BBB- (Negative); Withdrawn
Senior Unsecured Redeemable Debenture Programme 1,000 [SL]BBB- (Negative); Withdrawn
Senior Unsecured Redeemable Debenture Programme* 1,000 [SL]BBB- (Negative); Withdrawn

 

Rating action

ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has withdrawn the issuer rating of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of Dunamis Capital PLC (DCP or “the Company”), as the Company has ceased to exit after the acquisition and merger with Janashakthi PLC (JPLC). ICRA Lanka has also withdrawn the issue ratings of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of the LKR 1,000 Mn Senior Unsecured Redeemable Debenture programmes of DCP, at the request of the Company, as the same has been transferred to JPLC, post the merger of the two entities.

Further, ICRA Lanka has withdrawn the issue ratings of [SL]BBB- (pronounced SL triple B minus) with Negative outlook of the LKR 1,000 Mn Senior Unsecured Redeemable Debenture programmes of DCP, at the request of the Company, as the same has been fully redeemed.

Analytical approach: The withdrawal is based on ICRA Lanka’s Policy on withdrawal and suspension of Credit Rating and the ratings are based on ICRA Lanka’s issuer  rating methodology, as indicated below.

Links to applicable criteria:  ICRA Lanka’s Issuer Rating Methodology

ICRA Lanka’s Suspension and Withdrawal Policy

Company Profile:

DCP was a holding company and its key subsidiaries included, First Capital Holdings PLC and Kelsey Developments PLC.

On September 13, 2018, JPLC announced the acquisition of 31.14% of the shareholding in DCP and in October 2018 JPLC fully acquired DCP through a voluntary offer to purchase the remaining shares.  Thus, JPLC became the ultimate parent of DCP.  Subsequently, on October 29, 2019 company obtained the shareholder approval to merge the two entities, following which DCP has ceased to exit and was de-listed from the Colombo Stock Exchange.

Please refer the rationale dated March 04, 2020 on Janashakthi PLC:


Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2020 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.