Business
LCB Finance IPO seeks Rs. 500 mn zero cost cash
Lanka Credit & Business Finance Limited (LCB Finance) has announced plans for a public offering of its shares on the Colombo Stock Exchange through an Initial Public Offering (IPO). The company plans an October 25 listing to raise Rs 500 million, company sources said.
“LCB Finance, which initially began as a grassroot level financial institution, witnessed exponential growth and expansion across the country over the years,” it Chairman Prof. Abeyratne Bandara said.
Under this IPO the company will issue 1.25 million shares at four rupees each to raise Rs 500 million to strengthen its balance sheet and fund future expansion, he said.
Bandara said that as a financial institution committed to support low income earners with a range of micro finance products, LCB was recognized as the Emerging Finance Company of the Year 2019 and awarded “Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021” at the Global Economics Awards 2021 in UK.
The company’s customer base comprise farmers, fishermen, vendors, labourers and small business owners among others, making it a truly people’s development financial institution, Prof Bandara said.
As at end of the March 31, 2021 Financial Year, LCB’s Core Capital was Rs. 2.16 billion, Profit before tax (PBT) Rs. 100 million, Operational Profit Rs. 122 million, Total Assets Rs. 3,672 million, Capital Adequacy ratio 58%, Credit Portfolio Rs. 2.56 billion, the company’s CEO/Executive Director K.G. Leelananda said.
Over the past three years we have made of collective effort and focused on overall betterment of communities. The signature of that trust is deeply ingrained in the business culture of the firm, he said.
“We cater to the needs of individuals across all categories of the economy, the overall logic of operations is strongly inspired by and flavoured with the idea that challenges are best met collectively and that such an approach adds value to individual effort,” he said.
ICRA had rated LCB at [SL] B+ Stable. Following due consideration of the rapid development of the company, this was revised to [SL]+ Stable.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
-
News4 days ago
Lunuwila tragedy not caused by those videoing Bell 212: SLAF
-
News3 days agoLevel III landslide early warning continue to be in force in the districts of Kandy, Kegalle, Kurunegala and Matale
-
Latest News5 days agoLevel III landslide early warnings issued to the districts of Badulla, Kandy, Kegalle, Kurunegala, Matale and Nuwara-Eliya
-
Features5 days agoDitwah: An unusual cyclone
-
Latest News6 days agoUpdated Payment Instructions for Disaster Relief Contributions
-
News1 day agoCPC delegation meets JVP for talks on disaster response
-
News1 day agoA 6th Year Accolade: The Eternal Opulence of My Fair Lady
-
Latest News6 days agoLandslide Early Warnings issued to the Districts of Badulla, Colombo, Gampaha, Kalutara, Kandy, Kegalle, Kurunegala, Matale, Moneragala, Nuwara Eliya and Ratnapura
