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LCB Finance goes for IPO

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By Hiran H.Senewiratne

Lanka Credit & Business Finance Limited (LCB Finance) will go for a public offering of its shares in the Colombo Stock Exchange through an Initial Public Offering (IPO). The company will go for listing probably on October 25 to raise Rs 500 million, its sources said.

“LCB Finance, which initially began as a grassroot level financial institution, witnessed exponential growth and expansion across the country over the years, its chairman Prof. Abeyratne Bandara said.

Under this IPO the company will issue 1.25 million shares with a share value of Rs 4 to raise Rs 500 million. With the funds it will be improving the balance sheet and also for future expansion plans, he told the Island Financial Review.

Bandara added: “The company has already initiated and partly completed the listing process through NDB Investment Bank. Furthermore, we have already appointed FJ & G de Saram as our Legal Advisors and Sampath Bank PLC as the Banker to the IPO.

“As a financial institute committed to uplift the standards of living of low income earners with a range of micro finance products, it was also recognized as the Emerging Finance Company of the Year 2019.

“LCB was awarded “Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021″ at the Global Economics Awards 2021 in the UK. The customer base of the company comprises farmers, fishermen, vendors, labourers and small business owners, among others, which makes it a truly people’s development financial institution.”

“As at end of the March 31, 2021 Financial Year, LCB Finance’s Core Capital was Rs. 2.16 billion, Profit (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, its C.E.O & Executive Director K.G. Leelananda said.

“Over the past 3 years we have made a collective effort to focus on overall betterment of communities. The signature of that trust is deeply ingrained in the business framework 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 added.

He said ICRA Rating [SL] is B+ Stable. The rating Committee of ICRA Lanka Ltd., after due consideration of the rapid development of the company, has revised its rating from [SL]B stable outlook to [SL]+ Stable.



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A committee will be appointed to formulate a national policy on medical education – PM

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Prime Minister Dr. Harini Amarasuriya stated that a committee will be appointed to formulate a national policy on medical education, following requests by student unions emphasizing the need for such a policy. She also invited student unions to submit their views and proposals toward the formulating of this policy.

The Prime Minister made these remarks during a discussion held on Friday [February 27] at Temple Trees with members of the Medical Faculty Students’ Action Committee.

During the meeting, the Medical Faculty Students’ Action Committee outlined the issues currently faced by university students.

The Prime Minister emphasized that there will be no restriction whatsoever on students’ freedom and noted that discussions would be held with the Vice-Chancellors regarding these matters in the future.

Officials of the Ministry of Health pointed out that delays in providing internship training for medical graduates are primarily due to accommodation issues. They further stated that steps are being taken to address these concerns and that approval has been sought to allocate five additional hospitals to expand internship training opportunities.

Officials from the Ministry of Education, Higher Education and Vocational Education highlighted that funds have already been allocated for the construction of new hostel facilities to resolve accommodation issues at the Universities of Wayamba, Kurunegala, Kuliyapitiya, Sabaragamuwa, and Moratuwa, and construction will commence once land allocation processes are completed. Attention was also drawn to the transportation difficulties faced by medical graduates undergoing training at the Kurunegala and Kuliyapitiya faculties. Discussions will be held with the Sri Lanka Transport Board to provide appropriate solution.

It was further revealed that attention has been given to developing facilities in medical faculties and that no decision has been taken to suspend post-intern appointments.

The discussion was attended by the Secretary to the Prime Minister Pradeep Saputhanthri, Chairman of the University Grants Commission Senior Professor Kapila Senevirathne, officials representing the Ministries of Education and Health, and members of the Medical Faculty Students’ Action Committee, including its convener Navodya Marasinghe.

[Prime Minister’s Media Division]

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“We welcome investors and tourists visiting Sri Lanka who contribute to strengthening economic and cultural ties”– PM

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Prime Minister Dr. Harini Amarasuriya stated that as Sri Lanka moves towards sustainable growth, the country welcomes investors and tourists who contribute to strengthening economic and cultural ties.

She made these remarks while addressing a special celebration and dinner reception organized by the Sri Lanka India Society to commemorate the 77th Republic Day of India and the 78th Independence Day of Sri Lanka, held on Thursday [February 26] at the Taj Samudra Hotel in Colombo.

During the event, the official magazine of the Sri Lanka India Society was launched, and the book “Port of Call” was presented to the Prime Minister and the Indian High Commissioner.

Addressing the gathering, Prime Minister Dr. Harini Amarasuriya noted that the Sri Lanka India Society since its establishment in 1949 has contributed to strengthening relations between the two nations,  through cultural engagement, dialogue, and sustained interaction. The Society has supported ties not only between the two governments but also between the peoples of both countries.

She further stated,

“Over the past year, the strength of India–Sri Lanka bilateral relations has been evident. I express gratitude for the support extended by the Indian government in facilitating the exposition of the sacred Devnimori relics in Sri Lanka.

When Cyclone Dithva affected Sri Lanka, India responded promptly through “Operation Sagar Bandhu,” providing assistance in the rescue and relief efforts.

I appreciated the announcement of a long-term relief package amounting to USD 454 million in support of Sri Lanka’s recovery efforts. India continues to work closely with Sri Lanka in its journey towards sustainable development.

The Sri Lanka–India partnership spans multiple sectors, including economic development, energy, connectivity, trade and investment, digital transformation, health, education, maritime security, and people-to-people ties.

As Sri Lanka progresses towards sustainable growth, we welcome increased investments from Indian businesses and greater tourist arrivals from India, while further strengthening our economic and cultural ties”.

She reaffirmed that India is Sri Lanka’s closest neighbour and an important partner,  Sri Lanka is committed to advancing cooperation for the benefit of the people of both countries and the wider region.

Speaking at the event, Indian High Commissioner Santosh Jha stated that the relationship between the two countries goes beyond formal diplomacy and is a strong and special partnership. He noted that the introduction of the first international degree offered outside India in Sri Lanka marked a new chapter in educational cooperation. He also highlighted the continued expansion of collaboration in connectivity and people-to-people relations, adding that India–Sri Lanka relations are experiencing significant growth in the current period.

The event was attended by ambassadors, diplomats, officials of the Indian High Commission, and government representatives.

[Prime Minister’s Media Division]

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Chief Sanghanayaka of Sabaragamuwa Province felicitated

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The “Gauravabhinandana” ceremonial felicitation was held in honour of the Chief Sanghanayake of the Sabaragamuwa Province of the Malwathu Maha Vihara Chapter of the Maha Vihara tradition of the Siyamopali Maha Nikaya; former Pirivena Examiner; Rajakiya Pandith; holder of Master; Scholar of classical texts; recipient of the Kala Bhushana title; Vinaya Keerthi Sri Dhammdinna Saranapala; the Most Venerable Kaeligama Vijithananda Nayaka Thero on Wednesday [25th of February] at the auditorium of the Rathnapura District Secretariat

The event was organized under the patronage of the Anunayake of the Malwathu Chapter of the Siyamopali Maha Nikaya, Most Venerable Acharya Agga Maha Panditha Niyangoda Dharmakeerthi Sri Sangharakkhitha Vijithasiri Abhidhana Anunayake Thero.

The presentation of the symbolic casket to the Most Venerable Kaeligama Vijithananda Nayaka Thero took place with the participation of Prime Minister Dr. Harini Amarasuriya and the Governor of Sabaragamuwa Province, Ms. Champa Janaki Rajaratne.

Addressing the gathering, the Prime Minister stated:

“It is a privilege for me to participate in this felicitation ceremony held in appreciation of the religious and social service rendered by the Chief Sanghanayaka of the Sabaragamuwa Province, Most Venerable Kaeligama Vijithananda Nayaka Thera.

When we reflect on his life journey, it serves as a profound inspiration to us all. Having entered monastic life as a disciple of the Sabaragamuwa prelate, the late Most Venerable Kelle Sri Saranananda Thero, the Nayaka Thera has now rendered over five decades of distinguished service following higher ordination.

After obtaining a Bachelor of Arts degree from the Vidyodaya University, he devoted several decades as a Pirivena teacher and examiner, enlightening thousands of students. He has also authored numerous scholarly works. His classical literary contributions, especially for students of Pirivena education, are of exceptional value”.

The Prime Minister further recalled with gratitude the commitment shown by the Nayaka Thera, centred around the Ratnapura Mahawala Sri Dharmayathana, to uplift the spiritual and social well-being of the local community, and extended her wishes for good health and long life for the continuation of his invaluable service to the Buddha Sasana.

The occasion was also graced by the presence of Most Venerable Karagoda Uyangoda Maithreemurthi Thera, Supreme Mahanayaka of the Sri Lanka Amarapura Maha Sangha Sabha; the Anunayaka of the Sri Lanka Ramanna Maha Nikaya, Waleboda Gnanissara Thera; Lecturer of the University of Peradeniya and Deputy Registrar of the Malwathu Chapter, Panditha Mahawela Dhammakkhanda Rathanapala Thera; the Chief Sanghanayaka of Ratnapura and Uva Wellassa and former Vice-Chancellor of Uva Wellassa University, Bethgamuwa Dhammadinna Thera; along with members of the Maha Sangha. The occasion was also attended by the Minister of Buddhasasana, Religious and Cultural Affairs Sunil Senavi, Governor of Sabaragamuwa Province, Ms. Champa Janaki Rajaratne, Member of Parliament Shantha Padmakumara, former Members of Parliament A. A. Wijethunga and Janaka Wakkumbura, Ratnapura District Secretary Chinthana Udaya Nanayakkara, Basnayake Nilame of the Maha Saman Devalaya Ishan Sanka Mapitigama, Mayor of Ratnapura Indrajith Katugampala, and many other distinguished invitees.

[Prime Minister’s Media Division]

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